The impact of the economic recession on well-being and quality of life of older people

Abstract

The importance of economic well-being is recognised in the recent UK Government policy. Older people may be particularly vulnerable to economic fluctuations as they are reliant on fixed incomes and assets, which are reducing in value. Within the literature, little is understood about the impact of the current economic downturn on people's general quality of life and well-being and, in particular, there is little research on the financial experiences and capability of the older age group, a concern in light of the ageing UK population. This article reports a qualitative research study into the nature of older peoples' vulnerability by exploring their perceptions of the impact of the economic recession on their well-being and quality of life. It explores specifically a group of older people who are not the poorest within the ageing population, but who may be described as the 'asset rich-income poor' group. Key themes relate to the impact of the recession on the costs of essential and non-essential items and dimensions of mental, physical and social well-being. Implications for health and social care practice in meeting the needs of older people during times of economic recession are then explored. The paper adds to the debate by demonstrating that the recession is having adverse consequences for older people's quality of life in terms of economic, mental and social well-being, although there is also evidence that some of them are equipped with certain resilience factors due to their money management and budgeting skills.

Examining Social Connections as a Link Between Religious Participation and Well-being Among Older Adults

“…In addition, poverty rates for older adults in Mississippi are among the highest in the United States (Henry J. Kaiser Family Foundation, 2013). The role of finances also may have been exacerbated by the economic recession during which the survey was conducted (Fenge et al, 2012).…”

Coping as a moderator of the influence of economic stressors on psychological health

“…The combination of situations of economic hardship, financial threat, and lack of financial well-being also contributed to the appearance of negative psychological outcomes (Kim, Garman, & Sorhaindo, 2003;Marjanovic et al, 2013;Norvilitis et al, 2003). Well-being can be affected by work-related aspects (Fenge et al, 2012), such as job dissatisfaction and unemployment, two common situations in contexts of economic turmoil, which potentiate depressive symptoms. In turn, Prawitz et al (2006) observed that a perception of low financial well-being is responsible for an increase in distress levels.…”

Back pain in seniors: the Back pain Outcomes using Longitudinal Data (BOLD) cohort baseline data

“…It is possible that unmeasured socioeconomic differences are responsible at least in part for the site differences. Detroit was suffering from a severe economic recession during the study time-frame, and depressed economic conditions have been shown to be associated with poorer well-being and quality of life in the elderly [19]. Our findings emphasize the limitations of single-site observational studies, which may not be generalizable to other settings.…”