Considering Financial Assets When Promoting Sense of Purpose in Older Adulthood

Abstract

ABSTRACT Sense of purpose, a consistent promoter of successful aging across the lifespan, has been shown in previous research to decline during older adulthood. As such, research is needed to understand how to inform policies around promoting a sense of purpose for older adults, and which adults may need more assistance on this front. One potential mechanism for lower purpose in older adulthood could be due to the more limited financial assets many face following retirement. As such, the current study investigated the cross-sectional associations between different kinds of financial assets and sense of purpose among older adults from the 2006 and 2008 waves of the Health and Retirement Study (n = 9,380). Sense of purpose as well as four financial assets were assessed: physical assets, retirement account assets, investment account assets, and debts. Findings indicated that greater physical assets and retirement account assets predicted a higher sense of purpose, while debt and investment account assets did not. Furthermore, there were no moderating effects of different grouping variables, such as retirement status, race, marital status, subjective health, or wave, on the associations between total net worth and sense of purpose. Findings are discussed regarding why net worth matters for all, and why certain assets may be more important than others when promoting a sense of purpose.