The effect of psychological factors on financial behaviour among older Australians: Evidence from the early stages of COVID-19 pandemic

被引:1
作者
Arya, Vandana [1 ]
Banerjee, Rajabrata [1 ]
Lowies, Braam [1 ,2 ]
Viljoen, Christa [1 ]
Lushington, Kurt [3 ]
机构
[1] Univ South Australia, UniSA Business, Adelaide, SA, Australia
[2] Univ Pretoria, Dept Financial Management, Pretoria, South Africa
[3] Univ South Australia, UniSA Justice & Soc, Adelaide, SA, Australia
来源
PLOS ONE | 2023年 / 18卷 / 06期
关键词
HOPE; GENDER; MANAGEMENT; RISK;
D O I
10.1371/journal.pone.0286733
中图分类号
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号
07 ; 0710 ; 09 ;
摘要
The current study investigated the association between psychological factors and financial behaviour during the COVID-19 pandemic in older people. Older people were chosen compared to other age groups because of the relatively greater impact in this age group of suboptimal financial decisions on future financial wellbeing. We hypothesised that the psychological factors facilitating general wellbeing during the COVID-I9 pandemic, i.e., positive mental wellbeing, hope, and positive coping, will have positive effects on financial behaviour. Based on telephone interviews, 1501 older Australians (Men = 750 and Women = 751; 55-64y = 630; > 65y = 871) completed an omnibus questionnaire examining coping, hope, mental wellbeing, and financial behaviour. Data was analysed using logistic regression and an ordinary and two-stage least square frameworks. Analyses revealed that the psychological factors identified as facilitating general wellbeing during the COVID-I9 pandemic also facilitated positive financial behaviour with hope and mental wellbeing emerging as significant determinants. Based on weightings from principal component analysis, one item each from the hope and mental wellbeing scale with eigenvalues > 1 were found to be robust predictors of positive financial behaviours. In conclusion, the findings support the assumption that the psychological factors associated with general wellbeing during the COVID-19 pandemic are also associated with positive financial behaviour. They further raise the possibility that single hope and positive mental well-being items can also be used to monitor psychological health and predict financial behaviour in older people and, in particular, at times of crisis. The latter may be useful measures for government to monitor psychological and financial wellbeing and inform policy for supporting older people at times of crisis.
引用
收藏
页数:17
相关论文
共 58 条
  • [11] Psychological distress of COVID-19: using a positive psychology approach for mental health promotion in the general population
    Douglas, Ellen
    McCabe, Leah
    Treanor, Ciara
    Nearchou, Finiki
    [J]. INTERNATIONAL JOURNAL OF HEALTH PROMOTION AND EDUCATION, 2023, 61 (02) : 98 - 110
  • [12] Psychological distress, anxiety, family violence, suicidality, and wellbeing in New Zealand during the COVID-19 lockdown: A cross-sectional study
    Every-Palmer, Susanna
    Jenkins, Matthew
    Gendall, Philip
    Hoek, Janet
    Beaglehole, Ben
    Bell, Caroline
    Williman, Jonathan
    Rapsey, Charlene
    Stanley, James
    [J]. PLOS ONE, 2020, 15 (11):
  • [13] Examining the longitudinal effects and potential mechanisms of hope on COVID-19 stress, anxiety, and well-being
    Gallagher, Matthew W.
    Smith, Lia J.
    Richardson, Angela L.
    D'Souza, Johann M.
    Long, Laura J.
    [J]. COGNITIVE BEHAVIOUR THERAPY, 2021, 50 (03) : 234 - 245
  • [14] Older Workers on the COVID-19-Frontlines without Paid Sick Leave
    Ghilarducci, Teresa
    Farmand, Aida
    [J]. JOURNAL OF AGING & SOCIAL POLICY, 2020, 32 (4-5) : 471 - 476
  • [15] Gornick JanetC., 2013, Income Inequality: Economic Disparities and The Middle Class in Affluent Countries
  • [16] The Impact of Work Loss on Mental and Physical Health During the COVID-19 Pandemic: Baseline Findings from a Prospective Cohort Study
    Griffiths, Daniel
    Sheehan, Luke
    van Vreden, Caryn
    Petrie, Dennis
    Grant, Genevieve
    Whiteford, Peter
    Sim, Malcolm R.
    Collie, Alex
    [J]. JOURNAL OF OCCUPATIONAL REHABILITATION, 2021, 31 (03) : 455 - 462
  • [17] Financial Wellbeing and Mental Health: A Systematic Review
    Hassan, Mohd Faizul
    Hassan, Naffisah Mohd
    Kassim, Erne Suzila
    Said, Yahya Mahyuddin Utoh
    [J]. ESTUDIOS DE ECONOMIA APLICADA, 2021, 39 (04):
  • [18] Differences in and drivers of mental, social, functional, and financial well-being during COVID-19: Evidence from Australia, France, Germany, and South Africa
    Hoffmann, Arvid
    Plotkina, Daria
    Broihanne, Marie-Helene
    Goeritz, Anja
    Kleimeier, Stefanie
    [J]. PLOS ONE, 2022, 17 (10):
  • [19] Janor H., 2016, GEOGRAFIA, V12
  • [20] COVID-19: Financial well-being of older Australians in times of crisis
    Jhuremalani, Arti
    Potter, Rachael
    Lushington, Kurt
    Lowies, Braam
    [J]. AUSTRALASIAN JOURNAL ON AGEING, 2022, 41 (03) : 440 - 447