The Moderating Role of Depressive Symptoms Between Financial Assets and Bequests Expectation
- 23 Downloads
This study investigated the association between financial assets and bequests expectation, specifically whether having depression moderated the association. Our sample included 10,340 middle-aged and older Americans from the 2014 Health and Retirement Study. Results from ordinary least squares regression models showed a positive association between financial assets and bequests expectation, whereas a negative association between depression and bequests expectation. Furthermore, a moderating role of depression was revealed. Specifically, the relationship between financial assets and bequests expectation was stronger for individuals with depression than for individuals without depression. Future research and practice should incorporate perspectives of both financial assets and depressvie symptoms to more effectively help individuals and families deal their current financial situation as well as identify their estate planning needs. We also discuss public policy implications of the findings.
KeywordsFinancial assets Depression Bequests expectation Estate planning
Portions of these findings were presented at the 2018 American Council on Consumer Interests Conference.
Compliance with Ethical Standards
Conflict of interest
The authors declare that they have no conflict of interest.
This article does not contain any studies with human participants performed by any of the authors.
- Cox, D., & Stark, O. (2005). Bequests, inheritances and family traditions. Working Paper No. WP #2005-09. Boston: Center for Retirement Research at Boston College. https://doi.org/10.2139/ssrn.1148982.
- DeLong, J. B. (2003). A history of bequests in the United States. In A. H. Munnell & A. Sundén (Eds.), Death and dollars: The role of gifts and bequests in America (pp. 33–53). Washington, DC: Brookings Institution Press.Google Scholar
- Dijkstra-Kersten, S. M. A., Biesheuvel-Leliefeld, K. E. M., van der Wouden, J. C., Penninx, B. W. J. H., & van Marwijk, H. W. J. (2015). Associations of financial strain and income with depressive and anxiety disorders. Journal of Epidemiology and Community Health, 69(7), 660–665. https://doi.org/10.1136/jech-2014-205088.CrossRefGoogle Scholar
- Dynan, K. E., Skinner, J., & Zeldes, S. P. (2002). The importance of bequests and life-cycle saving in capital accumulation: A new answer. American Economic Association (AEA) Papers and Proceedings, 92(2), 274–278.Google Scholar
- Fiske, A., Wetherell, J. L., & Gatz, M. (2009). Depression in older adults. Annual Review of Clinical Psychology, 5, 363–389. https://doi.org/10.1146/annurev.clinpsy.032408.15362.1.CrossRefGoogle Scholar
- Hartnett, S. C. (2014). Depression, mental illness, and estate planning attorneys. American Academy of Estate Planning Attorneys. San Diego, CA. Retrieved from https://www.aaepa.com/2014/08/depression-mental-illness-and-estate-planning-attorneys/.
- James, R. N. (2015). The new statistics of estate planning: Lifetime and post-mortem wills, trusts, and charitable planning. Estate Planning & Community Property Law Journal, 8, 1–40.Google Scholar
- Kahn, J. R., & Fazio, E. M. (2005). Economic status over the life course and racial disparities in health. The Journals of Gerontology: Series B, 60, S76–S84. https://doi.org/10.1093/geronb/60.special_issue_2.s76.CrossRefGoogle Scholar
- Kelly, S. (2009). Don’t stop thinking about tomorrow: The changing face of retirement—the past, the present and the future. Sydney: AMP. NATSEM.Google Scholar
- Kim, J. E., Garman, E. T., & Sorhaindo, B. (2003). Relationships among credit counseling clients’ financial well-being, financial behaviors, financial stressor events, and health. Financial Counseling and Planning, 14(2), 75–87.Google Scholar
- Kohli, M. (2004). Intergenerational transfers and inheritance: A comparative view. In M. Silverstein (Ed.), Intergenerational relations across time and place (pp. 266–289). New York: Springer.Google Scholar
- National Research Council. (2012). Perspectives on the future of the sociology of aging. Washington, DC: The National Academies Press.Google Scholar
- Price, R. H., Choi, J. N., & Vinokur, A. D. (2002). Links in the chain of adversity following job loss: How financial strain and loss of personal control lead to depression, impaired functioning, and poor health. Journal of Occupational Health Psychology, 7(4), 302–312. https://doi.org/10.1037/1076-89220.127.116.112.CrossRefGoogle Scholar
- Roberts, G. (2009). Retiree plans ruined by financial crisis. ABC News, PM Program. Retrieved from http://www.abc.net.au/news/stories/2009/07/15/2626558.htm.
- Rossi, A. S., & Rossi, P. H. (1990). Of human bonding: Parent-child relations across the life course. New York: Aldine de Gruyter.Google Scholar
- Roth, N. (1987). The psychiatry of writing a will. American Journal of Psychotherapy, 41(2), 245–251. https://doi.org/10.1176/appi.psychotherapy.1918.104.22.168.CrossRefGoogle Scholar
- Schervish, P. G. (2005). Today’s wealth holder and tomorrow’s giving: The new dynamics of wealth and philanthropy. The Journal of Gift Planning, 9(3), 15–37.Google Scholar
- Sargeant. A., & Shang, J. (2008). Identification, death, and bequest giving. Association of Fundraising Professionals. Retrieved from https://www.afpnet.org/files/contentdocuments/Sargeant_Final_Report.pdf.
- Strand, P. J. (2010). Inheriting inequality: Wealth, race, and the laws of succession. Oregon Law Review, 89(2), 453–504.Google Scholar
- Tuttle, D. (2004). Cortisol: Keeping a dangerous hormone in check. Retrieved from http://www.encognitive.com/files/Cortisol.pdf.
- Yang, Y., & Land, K. C. (2016). Age-period-cohort analysis: New models, methods, and empirical applications. New York: Chapman and Hall/CRC.Google Scholar