An Empirical Investigation on Subjective Financial Well-Being and Life Satisfaction of Older Adults in Vietnam

Abstract

This research examined factors predicting the financial well-being of older people and how financial well-being was associated with life satisfaction among older adults in Vietnam using a national survey. We found that income, assets, health status, and demographic factors were significantly associated with older adults’ financial well-being. The results also revealed that, for older adults, subjective financial well-being was positively associated with life satisfaction, but among the objective financial well-being indicators only the number of assets was directly related to life satisfaction. On the other hand, income might be indirectly related to life satisfaction through subjective financial well-being. The results were consistent across various measures of subjective financial well-being.