Does Financial Knowledge at Older Ages Matter? Placing Income and Hardship in Context. Issue 3 (16th April 2022)

• Record Type: Journal Article
• Authors: Li, Yang; Mutchler, Jan E.; Miller, Edward Alan; Tucker-Seeley, Reginald; Xiao, Jing Jian
• Is Part Of: Journal of poverty. Volume 26:Issue 3(2022)
• Page Start: 181
• Page End: 196
• Publication Date: 2022-04-16
• Subjects: Human capital -- economic well-being -- cost-of-living -- geography -- aging; Poverty -- United States -- Periodicals; Poor -- United States -- Periodicals; Public welfare -- United States -- Periodicals; 362.05
• DOI: 10.1080/10875549.2021.1890672
• Languages: English
• ISSNs: 1087-5549

Abstract

ABSTRACT: Extant research offers limited understanding of the context in which economic resource and hardship at older ages are assessed. This study investigates the association between location-specific income security and hardship, and the moderating role of financial knowledge, using data from the Understanding America Study. We found that respondents with better location-specific income security were less likely to experience hardship and that financial knowledge strengthened the negative association between income security and hardship. Findings suggest that interventions to improve later-life financial knowledge may offer protection against hardship and that evaluations of later-life income adequacy may benefit from location-specific assessments of cost-of-living.