Wealth Disparities in Later Life: Sense of Meaning and Purpose in Life
2024
Wealth Disparities and Purpose in Life Among Older Adults
Sample size: 4472
publication
Evidence: moderate
Author Information
Author(s): Choi Shinae
Primary Institution: University of Alabama, Tuscaloosa, Alabama, United States
Hypothesis
Does a sense of meaning and purpose in life mitigate wealth disparities among U.S. older adults?
Conclusion
The study found that a sense of meaning and purpose in life can help reduce wealth disparities among older adults.
Supporting Evidence
- Wealth disparities exist among U.S. older adults based on race/ethnicity, gender, and age.
- Non-Hispanic Black, non-Hispanic Asian/other races, and Hispanic older adults reported lower wealth compared to non-Hispanic Whites.
- Women reported lower wealth and income compared to men.
- Older adults aged 65-79 and 80+ had higher wealth than those aged 50-64.
- A sense of meaning and purpose in life increased non-housing wealth among non-Hispanic Asian/other and Hispanic older adults.
- Younger older adults (50-64) saw increases in wealth and income as their sense of purpose increased.
Takeaway
Older people who feel their life has meaning can have more wealth, especially among different races and ages.
Methodology
The study used ordinary least squares regression models with interaction terms to analyze data from the 2018 Health and Retirement Study.
Participant Demographics
U.S. older adults, with a focus on racial/ethnic, gender, and age disparities.
Statistical Information
Statistical Significance
p<0.05
Digital Object Identifier (DOI)
Want to read the original?
Access the complete publication on the publisher's website