An examination of the impact of health on wealth depletion in elderly individuals

Jinkook Lee, Hyungsoo Kim

Research output: Contribution to journalArticlepeer-review

25 Scopus citations

Abstract

Objectives. This study investigates the effects of new health events and existing health conditions on wealth depletion in elderly individuals. Methods. A model deriving from life-cycle theory is proposed and estimated using Waves 1 and 2 of the Asset and Health Dynamics of the Oldest Old (AHEAD) data set. Results. Both new health events and existing health conditions significantly influence wealth depletion of elders, but their impacts differ across marital status. Whereas an occurrence of new health events brought wealth depletion of elders in married households, having existing chronic health conditions was associated with wealth depletion of elders in single households. Discussion. Poor health, both a new health event and existing chronic conditions, leads to considerable wealth depletion in elderly individuals. Considering the significant impacts of health on wealth, the public needs to be better informed of potential health events in later life and the associated financial burden. Additional health insurance plays an important role in preventing elders from financial hardship.

Original languageEnglish
Pages (from-to)S120-S126
JournalJournals of Gerontology - Series B Psychological Sciences and Social Sciences
Volume58
Issue number2
DOIs
StatePublished - Mar 2003

ASJC Scopus subject areas

  • Health(social science)
  • Sociology and Political Science
  • Life-span and Life-course Studies

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