The impact of multimorbidity and financial resources on psychological well-being in later life

The purpose of this dissertation is to examine the impact of multimorbidity and financial
resources on psychological well-being in later life. Three research studies were conducted using
data from the Health and Retirement Study (Studies 1 and 2) and the Georgia Centenarian Study
(Study 3). Study 1 examined the longitudinal effects of multimorbidity on initial levels of wealth
and depressive symptoms and the change in wealth and depressive symptoms over four time
points. The growth curve analysis revealed that older adults presenting multimorbidity or higher
number of chronic diseases and illnesses had significantly lower levels of initial wealth and
higher levels of initial depressive symptoms. In addition, multimorbidity had a negative
association with the linear change in wealth and a positive association with the linear change in
depressive symptoms. The results indicate that older adults with a higher number of chronic
diseases and illnesses experienced a linear decline in wealth and a linear increase in depressive
symptoms. Study 2 examined the effects of multimorbidity and financial resources on depressive
symptoms from an individual differences perspective through the five factor personality model.
Direct and moderating effects of personality traits were examined. The results indicate that older
adults with higher levels of neuroticism, openness to experience, and agreeableness, as well as
lower levels of extraversion and conscientiousness reported higher levels of multimorbidity.
Older adults with more chronic diseases and illnesses reported less wealth and more depressive
symptoms. Also, older adults who reported less wealth reported more depressive symptoms.
Furthermore, significant indirect effects were found. Multimorbidity had a positive indirect effect
on depressive symptoms through wealth. Neuroticism, openness to experience, and
agreeableness had a negative indirect effect on depressive symptoms through multimorbidity.
Extraversion and conscientiousness had a positive indirect effect on wealth through
multimorbidity. This indicates that older adults with higher levels of neuroticism, openness to
experience, and agreeableness reported more chronic illness/diseases, which in turn negatively
related to wealth. Lastly, three significant interactions were found. Neuroticism moderated the
association of multimorbidity with depressive symptoms and extraversion moderated the
association of multimorbidity with wealth. Furthermore, age moderated the association between
multimorbidity with wealth. Study 3 examined the distal and proximal effects of multimorbidity
and financial resources on the psychological well-being of centenarians through the
developmental adaptation model. The results indicate that for centenarians, multimorbidity and
financial resources did not significantly impact their psychological well-being. However, their
perception of financial adequacy had a significant impact on their experience of negative
emotions. In addition, years of education had a stronger impact on perceptions of financial
adequacy. The findings from the three studies provide support to previous literature and
contribute to the literature on the importance of examining the impact of multimorbidity and
financial resources on psychological well-being in later life.