Analysis of the Relationship Between Resilience and Financial Well-Being of Older People

Abstract

AbstractIn this article, we examine the relationship between financial well-being and resilience of older people when controlling financial characteristics: how elderly bounce back from adverse financial events and resources they draw on. We also consider various aspects of financial well-being: financial behavior and financial literacy. Data (N = 400) were collected from the sociological survey of older adults in the Tomsk region in 2021. Results demonstrate differences in the resilience level by various financial characteristics (deposit, credit, insurance, financial plan, and saving). Older people with higher resilience make a financial plan. It is typical for this group to have property and buy life insurance. In the group with higher resilience, older people are more likely to make savings. The majority of older people face difficulties in carrying out living expenses, etc. But in the group with higher resilience, the share of those who can cope with difficulties easily prevails. In addition, correlation analysis showed weak correlations between variables of financial well-being and resilience level. The data show a stronger relationship between the level of resilience and the ability to cope with unexpected expenses. This also reflects the savings strategy of behavior of older people.KeywordsFinancial well-beingFinancial behaviorFinancial literacyResilienceOlder GenerationTomsk region