Financial and living satisfaction in the elderly population

Much of the literature on aging has concentrated on adjustment problems to later life, aging process, isolation, social interactions etc. However, there is little research on financial behavior of older people. Most people approach their later years without financial preparation. Lack of financial preparation also makes it difficult to meet the needs of older people. Moreover, satisfaction with life, which refers to a subjective aspect of the quality of life, is an important factor influencing the preservation of the quality of life and is affected by financial conditions and behaviors. This study was carried out to determine older people financial distress, financial management behavior and financial satisfaction on their satisfaction with life. 516 older people who live in Ankara, Turkey at different socio-economic levels were chosen based on the "systematic sampling method." Data were collected through a demographic information form, financial satisfaction form, In Charge Financial Distress/Financial Well-Being Scale (IFDFW), Financial Management Behavior Scale (FMBS), and The Satisfaction with Life Scale (SWLS). To determine the factors affecting satisfaction with life hierarchical regression analyses were used. The results displaying that some demographic variables (perceive income, physical health status), financial distress, financial management behavior and financial satisfaction were important predictors of satisfaction with life of elderly.