Does Financial Knowledge at Older Ages Matter? Placing Income and Hardship in Context
Document Type
Article
Date of Original Version
1-1-2021
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.
Publication Title, e.g., Journal
Journal of Poverty
Citation/Publisher Attribution
Li, Yang, Jan E. E. Mutchler, Edward A. Miller, Reginald Tucker-Seeley, and Jing Jian Xiao. "Does Financial Knowledge at Older Ages Matter? Placing Income and Hardship in Context." Journal of Poverty (2021). doi: 10.1080/10875549.2021.1890672.
