UNIVERSITY OF BRISTOL. PersonalFinanceResearchCentre
Publisher:
International Longevity Centre UK
Publication year:
2014
Pagination:
36
Place of publication:
London
This ESRC funded research, conducted by the University of Bristol’s Personal Finance Research Centre (PFRC) and the International Longevity Centre UK (ILC-UK), used secondary data analysis to explore financial dimensions of wellbeing in older age. The research highlights three main themes for policy and practice. Understanding the older consumer looks at household spending patterns, and the findings support the idea that there is no such thing as a typical 'older consumer'. Understanding older households’ balance sheets analyses the Wealth and Assets Survey, and found that substantial numbers of the population under 50 were at risk of poor financial wellbeing in later life. The final theme, understanding the financial aspects of wellbeing in later life draws on analysis of two surveys (Understanding Society and World Values Survey) to examine the relationship between older people's financial circumstances and their mental wellbeing and happiness. Additional interview data were also analysed to look at the financial aspects of quality of life for older people. The analysis found that, along with health and social support, money is a key factor shaping the quality of later lives.
(Original abstract)
This ESRC funded research, conducted by the University of Bristol’s Personal Finance Research Centre (PFRC) and the International Longevity Centre UK (ILC-UK), used secondary data analysis to explore financial dimensions of wellbeing in older age. The research highlights three main themes for policy and practice. Understanding the older consumer looks at household spending patterns, and the findings support the idea that there is no such thing as a typical 'older consumer'. Understanding older households’ balance sheets analyses the Wealth and Assets Survey, and found that substantial numbers of the population under 50 were at risk of poor financial wellbeing in later life. The final theme, understanding the financial aspects of wellbeing in later life draws on analysis of two surveys (Understanding Society and World Values Survey) to examine the relationship between older people's financial circumstances and their mental wellbeing and happiness. Additional interview data were also analysed to look at the financial aspects of quality of life for older people. The analysis found that, along with health and social support, money is a key factor shaping the quality of later lives.
(Original abstract)
Subject terms:
older people, personal finance, quality of life, mental health, wellbeing, happiness, surveys, data analysis;
HAYES David, UNIVERSITY OF BRISTOL. PersonalFinanceResearchCentre, INTERNATIONAL LONGEVITY CENTRE UK
Publisher:
International Longevity Centre UK
Publication year:
2014
Pagination:
8
Place of publication:
London
...the assertion that poor mental health is exacerbated by financial problems and, though questions of causality remain, indicates that mental wellbeing and financial management are inextricably intertwined. This working paper is published by the PersonalFinanceResearchCentre (PFRC) at the University of Bristol and the International Longevity Centre UK (ILC-UK). The research has been produced as part
(Edited publisher abstract)
This new analysis shows statistically significant relationships between age and both increased levels of mental wellbeing and people reporting they are managing their financial situation more comfortably. It corroborates previous research (C Fitch et al, in Mental Health Review Journal, 2011) suggesting that one in four people with mental health problems are in debt, while one in two people in debt have a mental health problem. This analysis also suggests that after controlling for a range of demographic and socio-economic characteristics, older people who are struggling to manage their finances have eight times the odds of having reduced levels of mental wellbeing. Fitch et al suggested that debt may be both a cause and consequence of mental health problems. This work supports the assertion that poor mental health is exacerbated by financial problems and, though questions of causality remain, indicates that mental wellbeing and financial management are inextricably intertwined. This working paper is published by the PersonalFinanceResearchCentre (PFRC) at the University of Bristol and the International Longevity Centre UK (ILC-UK). The research has been produced as part of the ILC-UK and PFRC project on “financial wellbeing in older age” funded by the ESRC’s Secondary Data Analysis Initiative. It looks at the relationship between mental wellbeing and self-reported financial management among those aged 50 and over in the United Kingdom.1 These findings are drawn from the third wave (2011) of Understanding Society, a large social survey begun in 2009, which captures information on the social and economic circumstances, attitudes, and health, of the inhabitants of 40,000 households each year. This paper begins by examining how mental wellbeing among the over-50s varies with increasing age. It looks at self-reported financial management among the same age group, and explores the relationship between mental wellbeing and how well people feel they are managing their household’s financial situation. Finally, the researchers use regression analysis to assess the independent predictors of mental wellbeing; and the findings suggest a strong relationship between mental wellbeing and financial management.
(Edited publisher abstract)
Subject terms:
older people, personal finance, wellbeing, mental health problems, quantitative research;