The link between finance and loneliness of the elderly

During the early Covid-19-19 pandemic, older people who don’t have enough savings to pay for emergency expenses face another surprising problem: higher feelings of loneliness.

In a new study, Ohio State University researchers found that adults over 65 face loneliness during the pandemic, regardless of income level or wealth.

But those who say they have to pay off their emergency fees over time are more likely to report a high level of loneliness.

“Our research focuses on the potential dangers of credit card debt and how it directly connects to the loneliness of older people,” said Cäzilia Loibl, co-author of the study and professor and president of consumer sciences at Ohio State University. .

Madeleine Drost, research manager at the John Glenn School of Public Affairs at Ohio State University, said the data cannot explain why credit card debt is related to loneliness, but researchers do have possible explanations.

“We believe that those who bear this financial burden are under a lot of pressure and may not feel like this is something they can discuss with friends or even family,” Drost said.

“In this case, it may lead to the isolation of older people themselves and the possibility of interacting with the community is less likely.”

This study was recently published online in the Journal PLOS oneinvolving 7,149 adults aged 65 and above. They participated in the Covid Impact survey of the Data Foundation, organized by the University of Chicago NORC Research.

Participants performed three different times between April 2020 and June 2020. When participants were first interviewed, the pandemic lockdown was already in effect, but eased through their final interview.

The results show that, in general, income and wealth did not protect older people from loneliness in the early months of the pandemic.

“The loneliness hit the entire economy,” Loibl said.

But emergency savings do make a difference. Ask participants how to pay the unexpected fee, which costs $400. Those who say they will put it on a credit card and pay it over time tend to feel more lonely than those who say they can pay for it immediately.

Drost said the finding coincides with previous research that shows that credit card debt is associated with financial stress in older people, which has a higher sense of loneliness.

The study also examines actions taken by older people to avoid infection in 19009 and personal plans changed due to the pandemic, related to their economic situation.

Participants reported whether they had washed and disinfected, kept six feet apart from people outside the home, and were wearing masks. They were also asked if they had to change their personal plans due to pandemic-related restrictions.

“Emergency savings, income and wealth have not affected how these actions affect loneliness,” Drost said. “The shared 19-year-old pandemic has hurt nearly everyone in our sample to some extent.”

One possibility that researchers have studied is that relaxing lockdown restrictions will help reduce loneliness in middle-aged and older people in the sample. Researchers were able to measure this because the last interview was when lockdown restrictions were relaxed.

But the results did not find any relief for the participants.

“After the lockdown was lifted, the loneliness of respondents in our sample had not improved the good link between lack of emergency funds and COVID-19.”

“This shows the lasting impact of loneliness due to limited savings.”

While the study was conducted during the Covid-19 pandemic, researchers believe the findings will continue to be relevant.

Many older people will benefit from financial and credit consultations that may help them now, but are particularly valuable in another emergency strike.

“We need to think about our older adults in times of crisis and that these situations may increase their loneliness, especially when they have issues like lack of emergency savings,” Drost said.

Other co-authors of the study are Anastasia Snyder and Michael Betz, associate professor of human development and family sciences at Ohio State University.