Aging and Social Isolation – How Can Planners Help
24 Pages Posted: 28 Sep 2018
Date Written: September 28, 2018
One area that has not received much attention in financial planning research is social isolation. This study is the first empirical study to our knowledge that bridges social isolation with time use activities, using the leave-behind survey from Health and Retirement Study. We found that retirees do suffer from loneliness, notably in the middle to late retirement, and can potentially impact their life quality and financial planning process. We found that other than family structure, the purpose of life and whether respondents engage in active leisure are the dominant predictors of social isolation. We also contribute to the literature by providing evidence that even after controlling for marital relationship and purpose of life, those active leisure activities still can help reduce loneliness.
Keywords: aging, social isolation, financial planning
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