IDEAS home Printed from https://ideas.repec.org/a/spr/eujoag/v19y2022i4d10.1007_s10433-022-00728-9.html
   My bibliography  Save this article

A longitudinal study of the effects of well-being and perceived control on preparations for old age: moderation effects of contexts

Author

Listed:
  • Jeongsoo Park

    (Ajou University)

  • Thomas M. Hess

    (North Carolina State University)

  • Helene H. Fung

    (Chinese University of Hong Kong)

  • Anna Kornadt

    (University of Luxembourg)

  • Klaus Rothermund

    (Friedrich Schiller University Jena)

Abstract

Extending research on determinants of preparations for old age across adulthood, we examined the relationship between well-being, perceived control, and preparations for old age over time, along with variation in the strength of these relationships depending on domains of functioning, cultures, and age. We analyzed longitudinal data from the Ageing as Future study assessing changes in well-being, perceived control, and preparations in four different life domains (social relations, finances, work, and health) across a five-year period collected from adults aged from 30 to 85 years in Germany (N = 623), Hong Kong (N = 317), and the USA (N = 315). Positive feelings about one’s current situation predicted greater perceived control five years later, and vice versa. Also, perceived control and preparations were positively associated over time, with only a few exceptions within each domain. For example, high control beliefs were related to subsequent greater preparations and well-being within the domain of social relations and finances, with weak effects of culture. These results suggest that current well-being may promote adaptive behaviors in later life, with the accumulated effects over time. Thus, focusing on how to improve our well-being may promote engagement in preparations for old age. Our results also indicate that these relations in our model vary by contexts, highlighting the importance of variability in age-related processes.

Suggested Citation

  • Jeongsoo Park & Thomas M. Hess & Helene H. Fung & Anna Kornadt & Klaus Rothermund, 2022. "A longitudinal study of the effects of well-being and perceived control on preparations for old age: moderation effects of contexts," European Journal of Ageing, Springer, vol. 19(4), pages 1429-1440, December.
  • Handle: RePEc:spr:eujoag:v:19:y:2022:i:4:d:10.1007_s10433-022-00728-9
    DOI: 10.1007/s10433-022-00728-9
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10433-022-00728-9
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.

    File URL: https://libkey.io/10.1007/s10433-022-00728-9?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Maarten C.J. van Rooij & Annamaria Lusardi & Rob J.M. Alessie, 2012. "Financial Literacy, Retirement Planning and Household Wealth," Economic Journal, Royal Economic Society, vol. 122(560), pages 449-478, May.
    2. Anna E. Kornadt & Klaus Rothermund, 2011. "Contexts of Aging: Assessing Evaluative Age Stereotypes in Different Life Domains," The Journals of Gerontology: Series B, The Gerontological Society of America, vol. 66(5), pages 547-556.
    3. Sheung-Tak Cheng & Alfred C. M. Chan, 2006. "Filial Piety and Psychological Well-Being in Well Older Chinese," The Journals of Gerontology: Series B, The Gerontological Society of America, vol. 61(5), pages 262-269.
    4. Helene H. Fung & Franziska S. Stoeber & Dannii Yuen-lan Yeung & Frieder R. Lang, 2008. "Cultural Specificity of Socioemotional Selectivity: Age Differences in Social Network Composition Among Germans and Hong Kong Chinese," The Journals of Gerontology: Series B, The Gerontological Society of America, vol. 63(3), pages 156-164.
    5. Gerstorf, Denis & Heckhausen, Jutta & Ram, Nilam & Infurna, Frank J. & Schupp, Jürgen & Wagner, Gert, 2014. "Perceived Personal Control Buffers Terminal Decline in Well-Being," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 29(3), pages 612-625.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yoshihiko Kadoya & Mostafa Saidur Rahim Khan, 2018. "Can financial literacy reduce anxiety about life in old age?," Journal of Risk Research, Taylor & Francis Journals, vol. 21(12), pages 1533-1550, December.
    2. Lijian Wang & Liu Yang & Xiaodong Di & Xiuliang Dai, 2020. "Family Support, Multidimensional Health, and Living Satisfaction among the Elderly: A Case from Shaanxi Province, China," IJERPH, MDPI, vol. 17(22), pages 1-18, November.
    3. Lee, Boram & Rosenthal, Leonard & Veld, Chris & Veld-Merkoulova, Yulia, 2015. "Stock market expectations and risk aversion of individual investors," International Review of Financial Analysis, Elsevier, vol. 40(C), pages 122-131.
    4. Matthew Fisher & Milica Mormann, 2022. "The Off by 100% Bias: The Effects of Percentage Changes Greater than 100% on Magnitude Judgments and Consumer Choice [Numerosity and Consumer Behavior]," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 49(4), pages 561-573.
    5. Bannier, Christina E. & Neubert, Milena, 2016. "Gender differences in financial risk taking: The role of financial literacy and risk tolerance," Economics Letters, Elsevier, vol. 145(C), pages 130-135.
    6. Kamer Karakurum-Ozdemir & Melike Kokkizil & Gokce Uysal, 2019. "Financial Literacy in Developing Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(1), pages 325-353, May.
    7. Florian Deuflhard & Dimitris Georgarakos & Roman Inderst, 2019. "Financial Literacy and Savings Account Returns," Journal of the European Economic Association, European Economic Association, vol. 17(1), pages 131-164.
    8. Cupák, Andrej & Fessler, Pirmin & Hsu, Joanne W. & Paradowski, Piotr R., 2022. "Investor confidence and high financial literacy jointly shape investments in risky assets," Economic Modelling, Elsevier, vol. 116(C).
    9. Bénédicte Apouey, 2020. "Conditions of Existence and Subjective Perceptions of Retirement: Quantitative Evidence from France," PSE Working Papers halshs-02908456, HAL.
    10. Wang, Qian & Wang, Jun & Gao, Feng, 2021. "Who is more important, parents or children? Economic and environmental factors and health insurance purchase," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    11. Grohmann, Antonia & Klühs, Theres & Menkhoff, Lukas, 2018. "Does financial literacy improve financial inclusion? Cross country evidence," World Development, Elsevier, vol. 111(C), pages 84-96.
    12. Sibila Marques & João Mariano & Joana Mendonça & Wouter De Tavernier & Moritz Hess & Laura Naegele & Filomena Peixeiro & Daniel Martins, 2020. "Determinants of Ageism against Older Adults: A Systematic Review," IJERPH, MDPI, vol. 17(7), pages 1-27, April.
    13. Gerhard, Patrick & Hoffmann, Arvid O.I. & Post, Thomas, 2017. "Past performance framing and investors’ belief updating: Is seeing long-term returns always associated with smaller belief updates?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 15(C), pages 38-51.
    14. E-Shien Chang & Sneha Kannoth & Samantha Levy & Shi-Yi Wang & John E Lee & Becca R Levy, 2020. "Global reach of ageism on older persons’ health: A systematic review," PLOS ONE, Public Library of Science, vol. 15(1), pages 1-24, January.
    15. van Rooij, Maarten C.J. & Lusardi, Annamaria & Alessie, Rob J.M., 2011. "Financial literacy and retirement planning in the Netherlands," Journal of Economic Psychology, Elsevier, vol. 32(4), pages 593-608, August.
    16. Grohmann, Antonia, 2018. "Financial literacy and financial behavior: Evidence from the emerging Asian middle class," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 129-143.
    17. Jin You & Helene Fung & Peter Vitaliano, 2020. "The pattern of social support seeking and its socio-demographic variations among older adults in China," European Journal of Ageing, Springer, vol. 17(3), pages 341-348, September.
    18. Arora, Jagriti & Chakraborty, Madhumita, 2021. "Does the ease of reading of financial disclosures influence investment decision?," Economics Letters, Elsevier, vol. 204(C).
    19. Fujiki, Hiroshi, 2020. "Cash demand and financial literacy: A case study using Japanese survey data," Japan and the World Economy, Elsevier, vol. 54(C).
    20. Gian Paolo Stella & Umberto Filotto & Enrico Maria Cervellati & Elvira Anna Graziano, 2020. "The Effects of Financial Education on Financial Literacy in Italy," International Business Research, Canadian Center of Science and Education, vol. 13(4), pages 1-44, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:eujoag:v:19:y:2022:i:4:d:10.1007_s10433-022-00728-9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.