Older Adults’ Life Satisfaction: The Roles of Seeking Financial Advice and Personality Traits

TitleOlder Adults’ Life Satisfaction: The Roles of Seeking Financial Advice and Personality Traits
Publication TypeJournal Article
Year of Publication2021
AuthorsChatterjee, S, Fan, L
JournalJournal of Financial Therapy
Volume12
Issue1
ISSN Number1944-9771
KeywordsCognitive Ability, Financial help seeking, financial therapy, Health Status, Life Satisfaction, Personality
Abstract

This paper uses 1,237 respondents from the Health and Retirement Study dataset to examine the relationships among personality, financial advice-seeking, and life satisfaction of U.S. older adults. The results indicate that extraversion is negatively associated with seeking professional financial advice, while conscientiousness and openness were associated positively with seeking professional financial advice. Individuals with a neurotic personality trait were positively associated with seeking financial advice from families and friends. Additionally, seeking professional financial advice, and being extraverted and conscientious, were positively associated with life satisfaction among older adults. The implications for financial therapists and counselors include suggestions for implementation of cross-functional collaborative counseling strategies when working with older clients who may be experiencing physical and mental health-related problems. Implications of the findings for policymakers are also discussed.

DOI10.4148/1944-9771.1253
Citation Key11927