Understanding the Association Between Perceived Financial Well-Being and Life Satisfaction Among Older Adults: Does Social Capital Play a Role?
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Using data from the 2014 Health and Retirement Study (HRS), we examined the association between subjective perception of financial well-being and life satisfaction. We also examined the effect of social capital on the link between financial well-being and life satisfaction among older adults. We further explored how the role of social capital in life satisfaction differs by household asset quartiles. The role of social capital was statistically significant in the relationship between financial well-being and life satisfaction among older adults. The findings of this study suggest that participation in social activities explains the link between financial well-being and life satisfaction among older adults, and its mediating effect is slightly larger for the top quartile than the bottom quartile.
KeywordsEconomics of aging Financial well-being Life satisfaction Older adults Social capital
Compliance with Ethical Standards
Research Involving Human Participants and/or Animals
For this type of study, formal consent was not required. This article does not contain any studies with human participants or animals performed by any of the authors.
Informed consent was obtained from all individual participants included in the study.
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