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Trends in financial satisfaction: does poverty make a difference?

Chang-Ming Hsieh¹

¹Jane Addams College of Social Work, University of Illinois at Chicago, 60607-7134, USA.

International Journal of Aging & Human Development

|May 11, 2002

Summary

Younger cohorts report lower financial satisfaction than older cohorts, regardless of poverty status. Differences in financial satisfaction trends between poor and non-poor groups are explained by education and social comparison effects.

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Area of Science:

Gerontology
Sociology
Economics

Background:

Longitudinal research on financial satisfaction in older adults is limited.
Few studies address the impact of poverty on financial satisfaction over time.

Purpose of the Study:

To examine intracohort and intercohort effects on financial satisfaction trends.
To compare these effects by poverty status among Americans aged 45+.

Main Methods:

Longitudinal analysis using General Social Surveys data.
Comparison of financial satisfaction trends between poor and non-poor cohorts.

Main Results:

Negative intercohort effects significantly impact financial satisfaction for both poor and non-poor groups.
Younger cohorts exhibit lower financial satisfaction compared to older cohorts.
Differences in intercohort effects between poor and non-poor are explained by education and social comparison.

Conclusions:

Intercohort dynamics, particularly declining financial satisfaction in younger cohorts, are a primary driver of financial satisfaction trends.
Education and relative deprivation mediate the relationship between poverty status and financial satisfaction trends.