Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Surprising number of older adults weathered the 'Great Recession' without financial strain

18.08.2014

The "Great Recession" may have put a dent in many older adults' pocketbooks, but a new study, which will be presented at the 109th Annual Meeting of the American Sociological Association, finds that more than 40 percent reported a decrease in "financial strain" between 2006 and 2010.

Researcher Lindsay R. Wilkinson, an assistant professor of sociology in Baylor University's College of Arts & Sciences, drew on 5,205 respondents from the Health and Retirement Study (HRS) to examine the effect of financial strain on the mental health and use of mood-altering drugs by older adults. HRS, sponsored by the National Institute on Aging, is the largest ongoing national study of adults age 51 and older.

Wilkinson found that only one-quarter of respondents indicated an increase in financial strain between 2006 and 2010, while about one-third said their strain remained the same.

"It's difficult to determine precisely why so many adults would experience less financial strain in 2010, but one possible explanation may be the perceptual nature of these evaluations," she said. "The Recession represents a historical time that affected a great number of people. Perhaps knowing that others were struggling reduced the stress felt by individuals."

Previous research has shown that economic stress typically decreases as one gets older, with the over-65 crowd benefitting from home ownership, medical insurance, and Social Security.

Wilkinson also discovered, however, that both initial financial strain and increasing strain over the period of the Recession exacted a toll on mental health. For instance, increasing financial strain was associated with worsening anxiety and depressive symptoms and increased the likelihood of using drugs such as antidepressants.

Wilkinson noted that her study — which included individuals from ages 51 to 96 — differs from many others on the Great Recession because "financial strain" is a subjective measure that was based on self-reporting rather than on economic indicators. To measure financial strain, the study examined whether respondents had difficulty making monthly payments and whether and to what degree they were satisfied with their present financial situation.

"Difficulty in making payments may appear more objective than satisfaction, but it's still a person's perception of his or her financial situation," Wilkinson said. "Two people might have the same amount left over every month, but one might say, 'Oh, my goodness, that's not enough,' while the other might say, 'Well, I paid my bills.' Subjective measures matter, because it's your reality — and that has an effect on health."

A 2011 survey by the American Association of Retired Persons indicated that "the Great Recession drove millions of older Americans to deplete savings accounts, put off medical or dental treatment, and reduce their retirement expectations."

Wilkinson tested the theory that financial strain would have a negative effect on mental health by using three measures — whether and to what degree respondents felt anxiety, whether and to what degree they were depressed, and whether they used anti-depressants, tranquilizers, or medicine for nerves.

Less than 10 percent of respondents in 2006 were taking mood-altering drugs (such as antidepressants or tranquilizers), which increased to 13 percent in 2010.

Respondents in Wilkinson's study completed both face-to-face interviews and self-administered questionnaires in 2006 and 2010. Questions dealt with daily life stressors, well-being, and psychosocial resources. The average age of those in the study in 2006 was 64, with most (68 percent) married and less than half employed. The average self-rating of health was 3.4 (on a scale of 1 to 5).

Those who were employed were more likely to have increased financial strain, most likely due to worries about high unemployment and job security. Also more likely to report an increase in financial strain were younger respondents, black and Hispanic individuals, and those who gave themselves low health ratings.

Individuals who were better educated and with greater household wealth were less likely to report increased financial strain.

###

About the American Sociological Association

The American Sociological Association, founded in 1905, is a non-profit membership association dedicated to serving sociologists in their work, advancing sociology as a science and profession, and promoting the contributions to and use of sociology by society.

The paper, "Financial Strain and Mental Health Among Older Adults: Lingering Effects of the Great Recession?," will be presented on Monday, Aug. 18, at 8:30 a.m. PDT in San Francisco at the American Sociological Association's 109th Annual Meeting.

To obtain a copy of the paper; for assistance reaching the study's author(s); or for more information on other ASA presentations, members of the media can contact Daniel Fowler, ASA Media Relations Manager, at (202) 527-7885 or pubinfo@asanet.org. During the Annual Meeting (Aug. 16-19), ASA Public Information Office staff can be reached in the on-site press office, located in the Hilton San Francisco Union Square's Union Square 1-2 Room, at (415) 923-7506 or (914) 450-4557 (cell).

This press release was written by Terry Goodrich, Assistant Director of Media Communications, Baylor University. For more information about the study, members of the media can also contact Goodrich at (254) 710-3321 or terry_goodrich@baylor.edu.

Papers presented at the ASA Annual Meeting are typically working papers that have not yet been published in peer reviewed journals.

Contact: Daniel Fowler, (202) 527-7885, (914) 450-4557 (cell), pubinfo@asanet.org

Daniel Fowler | Eurek Alert!
Further information:
http://www.asanet.org

Further reports about: Association HRS Health Sociological drugs financial situation strain

More articles from Business and Finance:

nachricht Is there a bubble in the art market?
07.01.2016 | Universität Luxemburg - Université du Luxembourg

nachricht Finance: Belief in higher returns from private equity may be misplaced
13.10.2015 | Universität Luxemburg - Université du Luxembourg

All articles from Business and Finance >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Production of an AIDS vaccine in algae

Today, plants and microorganisms are heavily used for the production of medicinal products. The production of biopharmaceuticals in plants, also referred to as “Molecular Pharming”, represents a continuously growing field of plant biotechnology. Preferred host organisms include yeast and crop plants, such as maize and potato – plants with high demands. With the help of a special algal strain, the research team of Prof. Ralph Bock at the Max Planck Institute of Molecular Plant Physiology in Potsdam strives to develop a more efficient and resource-saving system for the production of medicines and vaccines. They tested its practicality by synthesizing a component of a potential AIDS vaccine.

The use of plants and microorganisms to produce pharmaceuticals is nothing new. In 1982, bacteria were genetically modified to produce human insulin, a drug...

Im Focus: The most accurate optical single-ion clock worldwide

Atomic clock experts from the Physikalisch-Technische Bundesanstalt (PTB) are the first research group in the world to have built an optical single-ion clock which attains an accuracy which had only been predicted theoretically so far. Their optical ytterbium clock achieved a relative systematic measurement uncertainty of 3 E-18. The results have been published in the current issue of the scientific journal "Physical Review Letters".

Atomic clock experts from the Physikalisch-Technische Bundesanstalt (PTB) are the first research group in the world to have built an optical single-ion clock...

Im Focus: Goodbye ground control: autonomous nanosatellites

The University of Würzburg has two new space projects in the pipeline which are concerned with the observation of planets and autonomous fault correction aboard satellites. The German Federal Ministry of Economic Affairs and Energy funds the projects with around 1.6 million euros.

Detecting tornadoes that sweep across Mars. Discovering meteors that fall to Earth. Investigating strange lightning that flashes from Earth's atmosphere into...

Im Focus: Flow phenomena on solid surfaces: Physicists highlight key role played by boundary layer velocity

Physicists from Saarland University and the ESPCI in Paris have shown how liquids on solid surfaces can be made to slide over the surface a bit like a bobsleigh on ice. The key is to apply a coating at the boundary between the liquid and the surface that induces the liquid to slip. This results in an increase in the average flow velocity of the liquid and its throughput. This was demonstrated by studying the behaviour of droplets on surfaces with different coatings as they evolved into the equilibrium state. The results could prove useful in optimizing industrial processes, such as the extrusion of plastics.

The study has been published in the respected academic journal PNAS (Proceedings of the National Academy of Sciences of the United States of America).

Im Focus: New study: How stable is the West Antarctic Ice Sheet?

Exceeding critical temperature limits in the Southern Ocean may cause the collapse of ice sheets and a sharp rise in sea levels

A future warming of the Southern Ocean caused by rising greenhouse gas concentrations in the atmosphere may severely disrupt the stability of the West...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Travel grants available: Meet the world’s most proficient mathematicians and computer scientists

09.02.2016 | Event News

AKL’16: Experience Laser Technology Live in Europe´s Largest Laser Application Center!

02.02.2016 | Event News

From intelligent knee braces to anti-theft backpacks

26.01.2016 | Event News

 
Latest News

New method opens crystal clear views of biomolecules

11.02.2016 | Life Sciences

Scientists take nanoparticle snapshots

11.02.2016 | Physics and Astronomy

NASA sees development of Tropical Storm 11P in Southwestern Pacific

11.02.2016 | Earth Sciences

VideoLinks
B2B-VideoLinks
More VideoLinks >>>