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BMC Geriatrics

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Open Access 01-12-2019 | Research article

Friendships that money can buy: financial security protects health in retirement by enabling social connectedness

Authors: Tegan Cruwys, Catherine Haslam, Niklas K. Steffens, S. Alexander Haslam, Polly Fong, Ben C. P. Lam

Published in: BMC Geriatrics | Issue 1/2019

Abstract

Background

Research on the health and wellbeing of retirees has tended to focus on financial security and financial planning. However, we suggest that one reason why financial security is important for retirees is that it enables social connectedness, which is critical for healthy ageing.

Methods

This paper tests this hypothesis cross-sectionally (N = 3109) and longitudinally (N = 404) using a population-weighted mixed effects mediation model in two nationally representative samples of Australian retirees.

Results

Analyses provide robust support for our model. Subjective financial security predicted retiree health cross-sectionally and longitudinally. Social connectedness also consistently predicted mental health and physical health, on average four times more strongly than financial security. Furthermore, social connectedness partially accounted for the protective effect of subjective financial security.

Conclusions

We discuss the implications of these findings for public health, with a particular emphasis on how social connectedness can be better supported for people transitioning to retirement.

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Title: Friendships that money can buy: financial security protects health in retirement by enabling social connectedness
Authors: Tegan Cruwys
Catherine Haslam
Niklas K. Steffens
S. Alexander Haslam
Polly Fong
Ben C. P. Lam
Publication date: 01-12-2019
Publisher: BioMed Central
Published in: BMC Geriatrics / Issue 1/2019
Electronic ISSN: 1471-2318
DOI: https://doi.org/10.1186/s12877-019-1281-1

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