14 DAY TRIAL // According to the conclusions of a new study, it would appear that people who struggle to manage their finances at an old age are up to 800 percent more likely than their wealthy counterparts to experience significantly lowered levels of well-being.
The investigation, carried out by experts with the Personal Finance Research Center at the University of Bristol, and the International Longevity Center UK, was detailed in a statement released January 27.
Using data from the 2006-10 Wealth and Assets Survey PFRC, the team was able to determine that only 26 percent of people aged 50 to 54 reported high levels of well-being. About 22 percent of respondents reported low or very low levels of well-being. This age group was found to be the most unhappy and dissatisfied.
In the group of test subjects aged 80 and above, more than 40 percent are experiencing sufficient (or moderate to high) levels of wellbeing, whereas just 1 percent reports feeling dissatisfied, more than five sixths of these people report a positive attitude.
“This research supports the findings of other researchers that debt may be both a cause and consequence of mental health,” says UB research associate David Hayes. “The research proves beyond all doubt how poor mental wellbeing and poor financial management are inextricably related, and has implications for policy in the fields of health and debt,” he concludes.