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 Paper or plastic?
08.07.2016 | University of Toronto

nachricht Gearing up for the future: Digital Business Innovation
05.07.2016 | Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO

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: Self-assembling nano inks form conductive and transparent grids during imprint

Transparent electronics devices are present in today’s thin film displays, solar cells, and touchscreens. The future will bring flexible versions of such devices. Their production requires printable materials that are transparent and remain highly conductive even when deformed. Researchers at INM – Leibniz Institute for New Materials have combined a new self-assembling nano ink with an imprint process to create flexible conductive grids with a resolution below one micrometer.

To print the grids, an ink of gold nanowires is applied to a substrate. A structured stamp is pressed on the substrate and forces the ink into a pattern. “The...

Im Focus: The Glowing Brain

A new Fraunhofer MEVIS method conveys medical interrelationships quickly and intuitively with innovative visualization technology

On the monitor, a brain spins slowly and can be examined from every angle. Suddenly, some sections start glowing, first on the side and then the entire back of...

Im Focus: Newly discovered material property may lead to high temp superconductivity

Researchers at the U.S. Department of Energy's (DOE) Ames Laboratory have discovered an unusual property of purple bronze that may point to new ways to achieve high temperature superconductivity.

While studying purple bronze, a molybdenum oxide, researchers discovered an unconventional charge density wave on its surface.

Im Focus: Mapping electromagnetic waveforms

Munich Physicists have developed a novel electron microscope that can visualize electromagnetic fields oscillating at frequencies of billions of cycles per second.

Temporally varying electromagnetic fields are the driving force behind the whole of electronics. Their polarities can change at mind-bogglingly fast rates, and...

Im Focus: Continental tug-of-war - until the rope snaps

Breakup of continents with two speed: Continents initially stretch very slowly along the future splitting zone, but then move apart very quickly before the onset of rupture. The final speed can be up to 20 times faster than in the first, slow extension phase.phases

Present-day continents were shaped hundreds of millions of years ago as the supercontinent Pangaea broke apart. Derived from Pangaea’s main fragments Gondwana...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Clash of Realities 2016: 7th Conference on the Art, Technology and Theory of Digital Games

29.07.2016 | Event News

GROWING IN CITIES - Interdisciplinary Perspectives on Urban Gardening

15.07.2016 | Event News

SIGGRAPH2016 Computer Graphics Interactive Techniques, 24-28 July, Anaheim, California

15.07.2016 | Event News

 
Latest News

Vortex laser offers hope for Moore's Law

29.07.2016 | Power and Electrical Engineering

Novel 'repair system' discovered in algae may yield new tools for biotechnology

29.07.2016 | Life Sciences

Clash of Realities 2016: 7th Conference on the Art, Technology and Theory of Digital Games

29.07.2016 | Event News

VideoLinks
B2B-VideoLinks
More VideoLinks >>>