Psychosocial attributes and financial self-efficacy among older adults

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Abstract

This study investigates the relationship between psychosocial characteristics and financial selfefficacy (FSE) within a sample of 9,187 U.S. individuals over age 50 from the Health and Retirement Study. Psychosocial factors were operationalized through the PERMA well-being construct from positive psychology: positive emotions, engagement, relationships, meaning, and accomplishment. Results of a second-order confirmatory factory analysis (CFA) within a structural equation modeling framework revealed that the PERMA construct was positively associated with FSE for the full sample, the spouse/partner sample, and the sample with children. Results also indicated that all individual PERMA elements were directly and positively associated with FSE except for engagement, which revealed a direct negative relationship. Researchers have found older adults' FSE to be vulnerable to a sustained decline; this study builds upon the literature by providing insight into how the psychosocial environment might contribute to or mitigate this decline.

Original languageEnglish
Pages (from-to)1-29
Number of pages29
JournalJournal of Financial Therapy
Volume10
Issue number1
DOIs
StatePublished - 2019

Keywords

  • Financial self-efficacy
  • Older adults
  • PERMA well-being
  • Positive psychology
  • Psychosocial

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