Assets and Life Satisfaction Patterns Among Korean Older Adults: Latent Class Analysis

This study aims to examine the association of assets with life satisfaction patterns among Korean older adults aged 50 and above. This study used the first two panel data sets (2005 and 2007) from the Korean Retirement and Income Study, which collected information from a nationally representative sample. Key independent variables include financial assets, real assets, and debts. This study classifies overall patterns of life satisfaction using seven multi-dimensional items via Latent Class Analysis. Multinomial regression models were used to determine factors related to estimated life satisfaction patterns after the data were adjusted by weighting and multiple imputation. This study found three classes of life satisfaction at both waves: low, moderate, and high. During the 2-year study period, significant portions of older adults moved upward (23%) and downward (22%) in their life satisfaction patterns. Consistent with the asset effect theory, this study found that assets and debts are significantly associated with life satisfaction patterns and longitudinal changes in these patterns. The study findings suggest that older adults’ life satisfaction can be maintained or promoted through economic security. Financial planning programs combined with asset accumulation may help older adults to achieve economic security and associated life satisfaction.     

Financial Satisfaction in Old Age: A Satisfaction Paradox or a Result of Accumulated Wealth?

Prior research consistently has found that older adults, despite low incomes, are more financially satisfied than younger adults. This “satisfaction paradox” is typically attributed to elders’ supposed psychological accommodation to poor financial circumstances. We advance a different explanation, one that focuses on substantial age differences in wealth and liabilities. Data are from the first wave of the Norwegian NorLAG study (n = 4,169). Findings support the hypothesis that an examination of a wider range of economic variables shows that material circumstances are more important to the financial satisfaction of the elderly than previously believed. A considerable part of the higher financial satisfaction with increasing age can thus be explained by greater assets and less debt among the aged. Nonetheless, assets and debt do not mediate this relationship at lower incomes, because older people with little income have very little accumulated wealth. As older people with little income and wealth have a much stronger tendency to be financially satisfied than their younger, equally poor counterparts, an “aging paradox” still remains in this field.     

Perceptions of Fortune and Misfortune in Older South African Households: Social Assistance and the ‘Good Life’

It is commonly assumed that better living standards will boost subjective well-being. The post-apartheid South African government subscribes to this idea; its social policies aim to provide ‘a better life for all’. Since the coming of democracy in 1994, the state has built over 3 million houses and supplied electricity and clean water to poor households. By 2009, an estimated 43 % of households were beneficiaries of social grants. The question is whether this investment in services and social assistance translates into higher well-being of citizens. It is argued that older people’s experience of positive change in their life circumstances can be taken as a litmus test of progress in society. The paper reports results of a sample survey conducted in 2009 that inquired into the living circumstances and well-being of 1,000 older low-income households in two provinces linked by a labour migration route. Older households were defined as ones with a member 55 years and older. The sample was drawn among three approximately equal-sized subgroups: Rural black households in the former ‘homelands’ of the Eastern Cape Province, and black and coloured households in Cape Town in the Western Cape Province. The majority of the households in the survey had been interviewed in an earlier survey conducted in late 2002. Both material and non-material changes had occurred in the household situation over the 6-year period between 2002 and 2009. Access to housing and infrastructure had improved but financial difficulties and debts continued to plague many of the surveyed households. Rural black households appeared to be worst off among the three categories of older households with the lowest level of living; coloured households best situated with the highest level of living. Urban black households, many of whom were immigrants to Cape Town, appeared to have experienced the greatest fluctuations in their material circumstances between 2002 and 2009 and a mix of fortune and misfortune. Results indicated that social grants, which provided a modicum of financial security and peace of mind, made the crucial difference between fortune and misfortune for vulnerable households. Securing a social pension and other grants appeared to be the main route to good fortune for the rural households in the study. Households in Cape Town required wage income in addition to grant income to get by in the city. This mix of income sources diluted urban households’ dependence on social assistance. Regression model results suggest that income and financial security play a significantly more important role in boosting the well-being of low-income older households than access to services. Pooling of income, a common practice in pensioner households, contributed significantly to household satisfaction.     

Money Buys Financial Security and Psychological Need Satisfaction: Testing Need Theory in Affluence

The most prominent theory to explain the curvilinear relationship between income and subjective well-being (SWB) is need theory, which proposes that increased income and wealth can lead to increased well-being in poverty because money is used to satisfy basic physiological needs. The present study tests the tenets of need theory by proposing that money can buy happiness beyond poverty if the money satisfies higher-order needs. Findings indicate that in older adults (n = 1,284), as economic standing rises, so do individual perceptions of financial security (a safety need), which in turn increases overall life satisfaction. Further, a path model tested the degree to which financial security and psychological need satisfaction mediated the path from economic standing to life satisfaction and demonstrated the complete mediation through higher-order needs—there was a 66% reduction in the direct link through financial security and a 34% reduction through psychological need satisfaction. Discussion focuses on how these mediation and path models extend need theory.     

Is giving or receiving psychologically beneficial to older mothers in South Korea? Importance of marital status

In order to understand intergenerational financial transfers and subjective well-being for older mothers, this study argues that marital status is an important factor to be considered. Using the first wave of the Korean Longitudinal Study of Aging (KLoSA), this study finds that married older mothers report higher levels of life satisfaction when they provide economic support but widowed older mothers feel higher levels of life satisfaction when they receive economic support. Also, regular or irregular financial support appears to also matter in the associations between financial support and life satisfaction. These findings suggest that married and widowed older mothers have different viewpoints about the parent-children relationship.     

Satisfaction with Job and Income Among Older Individuals Across European Countries

Using data on individuals of age 50 and older from 11 European countries, we analyze two economic aspects of subjective well-being of older Europeans: satisfaction with household income, and job satisfaction. Both have been shown to contribute substantially to overall well-being (satisfaction with life or happiness). We use anchoring vignettes to correct for potential differences in response scales across countries. The results highlight a large variation in self-reported income satisfaction, which is partly explained by differences in response scales. When differences in response scales are eliminated, the cross-country differences are quite well in line with differences in an objective measure of purchasing power of household income. There are common features in the response scale differences in job satisfaction and income satisfaction. French respondents tend to be critical in both assessments, while Danish and Dutch respondents are always on the optimistic end of the spectrum. Moreover, correcting for response scale differences decreases the cross-country association between satisfaction with income and job satisfaction among workers.     

Quality of Life of Residents Living near Industrial Estates in Singapore

Quality of life (QOL) studies are increasinglygaining the attention of urban planners due toits usefulness in assessing and monitoringpublic policies. With this in mind, an attemptwas made in this study to assess the quality oflife of residents staying near industrialestates in Jurong, Singapore using 18subjective life indicators to measure theoverall life satisfaction.Based on a 5-point Likert scale, health (4.48),family life (4.37) and public safety (4.13)emerged as the more important aspects, whileself-development (3.90), religion (3.60) andpolitics (2.74) were named by the respondentsto be among the least important. On thesatisfaction level, public safety (3.92),family life (3.88), and public utilities (3.78)were deemed to be among the most satisfiedaspects, while consumer goods (2.92), politics(2.91) and environment (2.89) were consideredto be among the least satisfied aspects. Therelationship between the different demographicvariables with overall life satisfaction werealso determined and five variables, namely,marital status, education level, occupation,household income and household size were foundto contribute significantly to the overall lifesatisfaction scores.Overall, the residents in Jurong were found tobe generally satisfied with their life, scoringa mean satisfaction rating of 3.687. It ishoped that the data gathered from this studycan be used by planners in formulating andimplementing future policies.     

睡眠质量对家庭风险性资产配置的影响

文章采用2016年和2018年中国家庭追踪调查(CFPS)面板数据,讨论了睡眠质量对家庭持有风险性金融资产广度和深度的作用特征。研究发现,睡眠质量对家庭风险性金融资产选择的广度和深度产生了显著的正向影响。在对不同职业群体和2012年CFPS数据进行估计后,仍得到一致的结论。文章进一步对影响机制研究发现,睡眠质量会通过收入水平、健康状况与认知能力对家庭风险性金融资产配置产生影响。神经质人格与睡眠质量的交互作用和家庭风险性金融资产配置也显著相关。此外,睡眠质量对家庭风险性金融资产投资的影响存在异质性,这一影响在城市地区、女性为财务决策者和高受教育水平的家庭中更为显著。     

Hard Times! How do Households Cope with Financial Difficulties? Evidence from the Swiss Household Panel

This study investigates impact of debt arrears and various consequential compensatory actions on self-reported satisfaction with life and the financial situation. The link between financial difficulties and the responses they demand has rarely been translated into satisfaction measures in the past. This study informs the literature about actual consequences of problems with arrears and impact of different coping strategies on household satisfaction measures. To address the questions at hand, data from the six (2010–2015) waves of the Swiss Household Panel were examined. A panel data model with fixed effects estimator was applied to account for unobserved population heterogeneity and mitigate the issues of omitted variables. The study confirmed that severe debt problems disproportionally affected self-reported satisfaction measures. Responses to arrears, if representing likely long-term solutions, did not signify further deterioration in self-reported measures. However, if arrears required resort to bank credit, disposal of household valuables or borrowing from family and friends, satisfaction with the household financial situation and household head life satisfaction were likely to suffer more.     

Poverty in People with Disabilities: Indicators from the Capability Approach

People with disability are particularly exposed to poor living conditions: on one hand they have more difficulties in getting an income cause to their inabilities, on the other hand conditions of poverty increase the risk of disability. However, little rigorous quantitative research has been undertaken to measure the real impact of disability on poverty. Methods based on monetary set (income and consumption) may not reflect the real possibility to convert resources into the fulfilment of personal goals. The capability approach, developed by A. K. Sen, offers a useful framework for the evaluation and assessment of individual well-being considering both monetary and non-monetary resources. The study describes a methodology, derived from the capability approach, to estimate the additional income needed for various types of household with and without disabled members to ensure the same satisfaction with economic resources. The method has been applied to the Italian contest, where 2.6 million people with disability live, and then the results are compared with the findings from an analogous study conducted in UK. The study reveals that disabled people in Italy need an income level two times higher to enjoy the same level of economic satisfaction, while in UK 50% of extra resource are sufficient. The findings suggests that traditional evaluations based on consumption lead to an underestimation of the needs of household containing disabled members. It follows that the financial benefits envisaged by actions planned by government through current instruments may not be completely effective.     

Life Satisfaction of Older Adults in Hong Kong: The Role of Social Support from Grandchildren

This study explores the relationship between the life satisfaction of older adults and the social support from grandchildren in Hong Kong. Two hundred and fifteen older people (from the ages of 64 to 101, mean age 79.3), whose youngest grandchild was aged 12 or older, were recruited from elderly service agencies to participate in the study. Face-to-face interviews were conducted by trained interviewers using a standardized questionnaire, which included the Life Satisfaction Scale for Chinese, the Lubben Social Network Scale, the Chinese Tradition Scale, grandchildren social support measures, self-rated health, self-rated financial adequacy, and demographic variables. Hierarchical regression showed that the life satisfaction of older adults benefitted significantly from the social support from grandchildren (R ² change = .05, F _change = 7.15, p < .001); while controlling demographic characteristics, general social support, attitude towards Chinese tradition, self-rated health, and self-rated financial adequacy. The total explained variance was 51%. Emotional support and appraisal support from grandchildren were identified as significant contributing factors. The policy and practice implications for active aging policies are discussed in a Chinese context.     

Household Assets,the Role of Government Assistance,and Depression Among Low-Income Families in Shanghai

As China’s economy is rapidly changing from a planned to a capitalist economy, many families find themselves financially struggling. In some cases, conflicting values and attitudes may contribute to mental health challenges such as depression that would lead to further feelings of helplessness and immobilization. Using a random sample of 1006 low-income households from Pudong District of Shanghai, China, this study aims to examine the relationships between household assets, beliefs about government as the primary way to improve economic circumstances and self-reported depressive symptoms. In addition, this study investigates the mediation effects of beliefs that government is the best change agent for improved life circumstances on the relationship between household assets and depression. We found those who indicated that government was the main means for attaining a better life had significantly higher depression levels whereas higher numbers of household assets were associated with lower depression levels. We also found that viewing government as the most important change agent only partially mediated the relationship between household assets and depression (p?<?.001). Findings from this study support anti-poverty policies and social work related practice initiatives aimed at assisting low income families in China, in particular the need to address psychological as well as economic needs.

     

Factors that Influence the Life Satisfaction of Women Living in the Northern Cyprus

The main aim of this paper is to evaluate the life satisfaction among women living in the Northern Cyprus by focusing on socio-economic and gender related factors. Within this context, we aim to analyze the influence of socio-personal characteristics of Northern Cypriot women in regard to life satisfaction. To fulfill these objectives, a questionnaire survey has been applied to 510 women living in the major cities of Northern Cyprus. Applying an ordered logit model, this paper examines the role of several factors such as normal and social reference income, employment, and savings, health, and education, participation in the household expenditures, being a full-time housewife, domestic violence, political preferences, and perception of government performance on life satisfaction. The results demonstrate that good health, high education, high income, saving, high household income has positive effects on life satisfaction whereas domestic violence, being a full-time housewife, unemployment and social reference income has negative effects on life satisfaction.     

Gender as a Moderator of the Relation Among Social Support Functions and Life Satisfaction in Older Malaysians

The aim of this study was to examine the moderating role of gender on relations among social support functions and life satisfaction in older Malaysians. The study sample was 1,800 older residents in a community; all were at least 60 years old. This study was a cross-sectional and corelational survey, and the data were collected by multistage stratified sampling. This study revealed that fewer social support functions, and therefore less life satisfaction, were available for females than for males. The results of moderated regression analyses demonstrated that gender interacted only on the relationship between positive social interaction support and tangible support with life satisfaction. Specifically, at a high tangible support level, females had lower life satisfaction when compared to a low tangible support level. There may be a need for new programs and services to provide other aspects of social support to older female adults to improve and maintain life satisfaction in later life.     

Assessing quality of life in Singapore: An exploratory study

This article attempts an exploratory study of the quality of life in Singapore. The first objective of this study was to gauge how Singaporeans view the quality of their lives and the extent to which demographic characteristics affect life satisfaction. Secondly, the importance of the different pre-selected domains of life was also individually investigated. Finally, the levels of satisfaction with each of these domains were also assessed. It was found that there were no significant relationships found between life satisfaction and demographic characteristics. In addition, people in Singapore attached great importance to being healthy and having a happy family life. Finally, it was also determined that they were in general very satisfied with the various domains of life, particulary with family life and life in Singapore as a whole.     

Evaluating the Link Between Perceived Income Adequacy and Financial Satisfaction: A Resource Deficit Hypothesis Approach

Data from an economically and racially diverse sample (N = 258) was used to determine (a) if an association between objectively measured income and perceived income adequacy exists, (b) how well individuals assess the adequacy of their income, and (c) if a bias exists, can these estimates be used to describe a person’s overall level of financial satisfaction? Duesenberry’s (Income, saving, and the theory of consumer behavior. Harvard University Press, Cambridge, 1949) relative income hypothesis and Kyrk’s (The family in the American economy. University of Chicago Press, Chicago, 1953) resource deficit hypothesis were adopted for use as the conceptual framework for this study. A positive but modest association between objective and perceived income adequacy was noted. It was also found that individuals do not do a particularly good job of accurately assessing their income adequacy. Finally, perceived income adequacy estimation bias was found to be associated with financial satisfaction. Those who perceived their income to be deficient were less satisfied financially. Policy and practitioner implications from the study are discussed as a means for improving financial satisfaction at the individual and household level.     

Income and Financial Satisfaction among Older Adults in the United States

Using data from the General Social Surveys,this study compares the effects of differentincome variables on financial satisfactionamong people age 65 and above in the UnitedStates. Results suggest that simply usinghousehold income as a variable without anyadjustment does not capture the real effect ofincome on financial satisfaction. Incomeequivalence scales and per-capita income arebetter income predictors of financialsatisfaction than family income. Given thefact that it is not uncommon in financialsatisfaction as well as subjective well-beingresearch to use the family income variablewithout adjustment, findings regarding theeffect of income from those studies should beinterpreted with caution.     

Relative Income,Relative Assets,and Happiness in Urban China

Does more money always mean that people are happier with their lives? To test the social comparison hypothesis as applied to happiness, this study uses survey data from the 2002 Chinese Household Income Project to examine the association between household economic resources and happiness in urban China. Household economic resources are measured as both income and assets (e.g., net worth and net worth minus home equity). In addition, the analyses include measures of relative income and relative assets. Results of ordinary least square regression analysis show a positive association of absolute income with the happiness score whereas relative income is negatively associated with happiness. Although household assets are a significant and positive predictor of self-assessments of happiness, measures of relative household assets do not correlate with happiness. Study findings suggest the level of happiness among urban populations could be increased through policies that promote pro-poor growth and equal distribution of economic resources. In addition, introducing asset-building policies as supplements to other social assistance programs may promote happiness.     

The Relationship of Life Satisfaction to Patterns of Past Employment and Homemaking Responsibility for Older Women

This study examined the relationships among six different patterns of past employment and homemaking experiences and life satisfaction for a group of 172 older women who resided in subsidized housing in Brooklyn, New York. Data collected through the use of self-report questionnaires administered in small group settings provided demographic information, employment histories, self-assessed patterns of past employment and homemaking, as well as life satisfaction ratings. A series of regression analyses indicated that an older woman's pattern of past employment and homemaking was not significantly related to her level of life satisfaction. Perceived functional health and perceived financial adequacy were found to be related to life satisfaction, each explaining moderate amounts of life satisfaction variance.     

Does Child Gender Predict Older Parents’ Well-Being?

Inconsistencies in comparisons of older parents’ well-being with that of older, childless adults may be resolved by considering the separate effects of sons and daughters on parents. The hypothesis was that older parents of only daughters have greater life satisfaction, more satisfying relations with their children, more intimate family relations, and greater social support satisfaction compared to older childless adults and parents of only sons. Childless older adults were predicted to have more intimate friends. The effect of having both sons and daughters was also explored. Longitudinal results indicated parents had greater life satisfaction than childless adults, and parents of daughters were more satisfied with relations with their children than parents of only sons. Childless adults had more relations with friends and fewer family intimate relations. Neither social support satisfaction or affect varied across groups. The findings are related to gender socialization, social support, and normative expectations.