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A Preliminary Study of Financial Management Assistance Use by the Elderly in the U.S.  

Kim Eun-Jin (Dept. of Consumer Sciences, Ohio State University)
Geistfeld Loren V. (Dept. of Consumer Sciences, Ohio State University)
Publication Information
International Journal of Human Ecology / v.6, no.1, 2005 , pp. 1-16 More about this Journal
Abstract
Due to increasing life expectancy, Americans live nearly 20 years after retirement. During this period, elderly persons have to stretch finances to manage the level of living without earnings. However, decision making ability decreases with age. One coping strategy for this problem would be seeking help from others. We examine factors affecting elderly persons' assistance use with respect to financial management using the 2000 Health and Retirement Study (N=3,823). It was found that age, education, health status, and ethnicity significantly affect elderly persons' financial management assistance use. The older-olds, those with lower educational attainment and poorer health status were more likely to use financial management assistance. However, Hispanic elderly were less likely to use financial management assistance.
Keywords
elderly; financial management; help-seeking; Andersen model;
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