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C3c Wealth Differences Among U.S. Older Adults: Is Sense of Purpose in Life a Protective Buffer?
Short Description
This study examined racial/ethnic, age, and gender differences in wealth persistence among U.S. older adults, focusing on housing wealth (non-liquid assets) and non-housing wealth (liquid assets), alongside household income, and further evaluated whether sense of purpose in life moderates these wealth differences in later life. Data were from the Self-Administered Questionnaire in the 2018 Health and Retirement Study. We estimated ordinary least squares regression models with interaction terms to evaluate moderation effects, adjusting for health, family statuses, and socioeconomic characteristics. Multiple moderation analyses revealed evidence that sense of purpose in life buffered against racial/ethnic and age differences in wealth, but not gender. Specifically, sense of purpose in life and income interacted uniquely for Hispanic older adults. Higher self-reported purpose in life is associated with higher levels of household income, non-housing wealth, and housing wealth. This effect was most pronounced among the youngest age subgroup (ages 51-64) and the oldest age group (ages 80+). We discuss the protective effect of sense of purpose in life in mitigating differences in wealth across various groups of older adults. Through further research and interventions, there is potential to bolster sense of purpose in life and systematically address wealth differences across the life course.
Type of presentation
Accepted Oral Presentation