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

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