Health, Wealth and Happiness: Financial resources buffer subjective well-being after the onset of a disability

TitleHealth, Wealth and Happiness: Financial resources buffer subjective well-being after the onset of a disability
Publication TypeJournal Article
Year of Publication2005
AuthorsSmith, DM, Langa, KM, Kabeto, MU, Ubel, PA
JournalPsychological Science
Volume16
Issue9
Pagination663-666
Call Numberpubs_2005_HealthWealth.pdf
KeywordsDisabilities, Health Conditions and Status, Net Worth and Assets, Other
Abstract

We examined the hypothesis that the relationship between financial status and subjective well-being, typically found to be very small in cross-sectional studies, is moderated by health status. Specifically, we predicted that wealth would buffer well-being after the onset of a disability. Using data from the Health and Retirement Study, a longitudinal study of people at and approaching retirement age, we employed within-subjects analyses to test whether wealth measured prior to the onset of a disability protected participants' well-being from some of the negative effects of a new disability. We found support for this hypothesis: Participants who were above the median in total net worth reported a much smaller decline in well-being after a new disability than did participants who were below the median. We also found some evidence that the buffering effect of wealth faded with time, as below-median participants recovered some of their well-being.

Endnote Keywords

Health Status/Subjective/Wealth/Disability/Disability

Endnote ID

15230

Citation Key7030