Money Management Needs of Elderly Living in the Community

Posted: 14 May 2000  

Jean W. Bauer

University of Minnesota - Twin Cities - Department of Family Social Science

Marlene Stum

University of Minnesota - Twin Cities - Department of Family Social Science

Abstract

This paper uses the 1989 National Long Term Care Survey conducted by U.S. Bureau of Census to study the elders who are most likely to need assistance with their money management, their helpers, and the factors which explain the need for assistance. A logit analysis of the community- dwelling sample (n=4324) revealed that those more likely to need help had impaired mental functioning, had physical limitations, were older, and lived with their children. The implications for financial counseling are that elders may need assistance in more than one area of functioning. A system approach is used to discuss implications for education, collaboration, and policy.

JEL Classification: J14

Suggested Citation

Bauer, Jean W. and Stum, Marlene, Money Management Needs of Elderly Living in the Community. FINANCIAL COUNSELING AND PLANNING, Volume 5, 1994. Available at SSRN: https://ssrn.com/abstract=5694

Jean W. Bauer (Contact Author)

University of Minnesota - Twin Cities - Department of Family Social Science ( email )

1985 Buford Ave.
McNeal Hall Room 290
St. Paul, MN 55108
United States
612-625-1763 (Phone)
612-625-4227 (Fax)

Marlene Stum

University of Minnesota - Twin Cities - Department of Family Social Science ( email )

1985 Buford Ave.
McNeal Hall Room 290
St. Paul, MN 55108
United States
612-625-6297 (Phone)
612-625-4227 (Fax)

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