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Relationship between financial well‐being, life satisfaction, and cognitive function among low‐income community‐dwelling older adults: the moderating role of sex
Author(s) -
Foong Hui Foh,
Haron Sharifah Azizah,
Koris Roshanim,
Hamid Tengku Aizan,
Ibrahim Rahimah
Publication year - 2021
Publication title -
psychogeriatrics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.647
H-Index - 32
eISSN - 1479-8301
pISSN - 1346-3500
DOI - 10.1111/psyg.12709
Subject(s) - life satisfaction , cognition , psychology , finance , poverty , scale (ratio) , mental health , gerontology , multilevel model , cognitive skill , clinical psychology , medicine , psychiatry , social psychology , economics , economic growth , physics , quantum mechanics , machine learning , computer science
Background Low financial well‐being is a common predicament among older adults living in poverty. The existing literature suggests a correlation between financial well‐being and mental health in old age. Therefore, this study aimed to identify the relationships among financial well‐being, life satisfaction, and cognitive function among low‐income older adults and to examine the moderating effect of sex on these relationships. Methods This study involved 2004 nationally representative community‐dwelling older Malaysians from the bottom 40% household income group. Financial well‐being was assessed by the four‐item financial satisfaction scale, while life satisfaction was measured by the Satisfaction with Life Scale. Cognitive function was measured by using the Malay version of the Mini‐Mental State Examination. Hierarchical multiple regression was used as the prime method for statistical analysis. Results Financial well‐being was positively associated with life satisfaction and cognitive function. Sex moderated the relationship between financial well‐being and life satisfaction but not between financial well‐being and cognitive function. Conclusions Financial well‐being and life satisfaction were strongly correlated among older women, although no gender difference was found for the relationship between financial well‐being and cognitive function. It appears financial well‐being strongly predicts mental health. As such, poverty eradication initiatives targeting low‐income older adults should be implemented to sustain life satisfaction and cognitive function.