StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Financial Resources Buffer Subjective Well-Being after the Onset of a Disability - Article Example

Cite this document
Summary
The paper "Financial Resources Buffer Subjective Well-Being after the Onset of a Disability" discusses that the study did not show how money buffers or act as a buffer in people with illness and disability but implied the standing of some third variable in the promotion of well-being…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER93% of users find it useful
Financial Resources Buffer Subjective Well-Being after the Onset of a Disability
Read Text Preview

Extract of sample "Financial Resources Buffer Subjective Well-Being after the Onset of a Disability"

Download file to see previous pages

Researchers who started to examine the relationship between objective measures of wealth and happiness found a weak relationship and a trivial contribution of economic status to subjective well-being (SWB) (Smith, Langa, Kabeto & Ubel, 2005, 663). Wealth can promote health but not happiness due to the possibility that wealth only becomes important to individuals when faced with difficult life circumstances such as experiencing a decline in health. Wealth could minimize the negative impact of a decline in health on well-being by acting as a psychological buffer. In line with this, the researchers tested the prediction that wealth buffers SWB after the onset of a disability and predicted that people above the median in resources prior to the onset of a disability would show a smaller decline in well-being compared to people below the median(Smith, Langa, Kabeto & Ubel, 2005, 663-664).

To examine the issue that wealth buffers SWB, the researchers utilized the HRS (a longitudinal study of individuals at or approaching retirement age) data from 1992 to 2000 and data were collected via face-to-face and telephone interviews. The researchers adapted four items that dealt with global happiness from the CES-D depression inventory to measure SWB, calculated household net worth based on the 1992 surveys of household assets and debts information, and assessed disability through the inventory of activities of daily living including the six areas of ordinary functioning (walking, getting in and out of bed, bathing, eating, dressing, and carrying a moderate weight (Smith, Langa, Kabeto & Ubel, 2005, 664). The occurrence of a new disability was operationalized by the researcher to include no evidence of disability in a wave and substantial evidence of disability in the following wave to create a variable that could compare people who experienced a relatively new disability for the first time and to those who had no disability at all.

Data collected from five waves rendered 478 participants that reported the onset of a disability. A median split for net worth and analysis of variance (ANOVA) was computed to describe the statistical results of the study. Results demonstrated that the decline in SWB was larger for the below-median-income group and that there was a significant interaction between net worth and change in SWB scores as confirmed in the ANOVA results while the decrease in SWB was not significant in the above group.

The researchers determined the persistence of the results of the study through the analysis of the next available wave of data that includes individuals who first reported onset of disability in 1994, 1996, or 1998, provided net-worth data in 1992 and provided well-being data both at the wave in which the disability was first recorded and in the subsequent wave (Smith, Langa, Kabeto & Ubel, 2005, 665). Compared to the first reported disability, the SWB level of the below-median-net-worth group increased in the wave while the SWB of the above-median-net-worth group decreased slightly. A marginally significant interaction between net worth and SWB was shown in the ANOVA, indicating that the gap in SWB between high- and low-net worth groups had shrunk 2 years after the initial report of onset of a disability.

The researchers observed evidence that wealth buffered the well-being of a person against detrimental effects of disability and the buffering effect was strongest soon after a new disability and faded 2 years after the reported onset.

The analyses of the study suggested that accumulation of wealth was important during difficult times as it does seem to buy people out of some of the misery associated with a decline in health status and thus, did not contradict the findings of the prior literature that wealth has a modest effect on SWB and that more money adds little or nothing to the subjective well-being beyond the safety net (Smith, Langa, Kabeto & Ubel, 2005, 665). Moreover, the findings of the study highlighted that minor predictors of well-being can suddenly become more relevant during difficult life situations and that people should consider context and multiple effects on well-being including coping abilities and resources.

The study is significant to the wealthy nations because of probable experience of a decline in health status and the onset of disability.

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Health, Wealth, and Happiness: Financial Resources Buffer Subjective Article”, n.d.)
Health, Wealth, and Happiness: Financial Resources Buffer Subjective Article. Retrieved from https://studentshare.org/history/1442100-health-wealth-and-happiness-financial-resources
(Health, Wealth, and Happiness: Financial Resources Buffer Subjective Article)
Health, Wealth, and Happiness: Financial Resources Buffer Subjective Article. https://studentshare.org/history/1442100-health-wealth-and-happiness-financial-resources.
“Health, Wealth, and Happiness: Financial Resources Buffer Subjective Article”, n.d. https://studentshare.org/history/1442100-health-wealth-and-happiness-financial-resources.
  • Cited: 0 times

CHECK THESE SAMPLES OF Financial Resources Buffer Subjective Well-Being after the Onset of a Disability

The Impact of 2008 Financial Crisis on UK's Cross Border Mergers

In most cases, companies enter into a cross border merger activities for the following reasons: (1) to intensify the company's position in the global markets; (2) expand the business; (3) get hold of other company's complementary resources; and (5) to improve the company's efficiency in the global markets.... This study aims to analyze the impact of 2008 financial crisis that has led to a global economic depression on the field of cross border mergers throughout the United Kingdom as part of exploring major expansion opportunities and the difficulties relating to the cross border mergers in the United Kingdom....
36 Pages (9000 words) Dissertation

The Global Financial Crisis: Impact on Property Markets in the UK

This study seeks to establish the impact of the global financial crisis on the UK property markets.... A background on property companies in terms of their financial management aspects and strategies during the financial crisis will be undertaken while analysing their effectiveness and lessons learnt.... The aim of this study is to investigate the impact of the global financial crisis on the UK property market.... This will involve seeking data that will reveal the direct financial impacts of the crisis on the property companies, the impact on property consumers in terms of confidence and patterns, the strategic management adaptations to the crisis and the impacts of such responses....
46 Pages (11500 words) Dissertation

Effectiveness of the Current Credit Risk Management of Techcombank in Vietnam

This study identifies the main causes of credit risk for Techcombank before and after the implementation of the new risk management regime.... Significance of Study This study will identify the main causes of credit risk for Techcombank before and after the.... In the modern times, as the economy of the world continues to grow and the effect of globalization continues to impact on economic activities, need for financing by investors has also grown, causing an increase in demand for financial services from banks....
55 Pages (13750 words) Dissertation

Business Operations of Deltek Systems Inc

Every organization has to ensure that it makes the final decision of going ahead with initial public offerings (IPO) after evaluating all vital factors properly.... Human resources are an important asset for the organization and their financial stability in the firm should be one of the utmost concerns for the management to ensure productive services by the employees.... Since the technological firms were able to make further revenue from the stock market as a result of inflationary prices, it was a logical decision to exploit this proposal for improving the company's performance and financial viability of the employees....
7 Pages (1750 words) Assignment

Fair Value Accounting

Fair value accounting is a way of accounting in which financial instruments are measured using 'fair values'.... The IFRS support the fair value accounting system and require more and more financial instruments to be measured at fair values.... While some people argue that fair value accounting provides us with truer financial statements, others question its validity.... Hence, those institutions that use more and more of fair value option should also disclose adequate information regarding the assumptions, changes in acquisitions or sales, predictions and all those factors that affected the values that show in the financial statements as fair values....
17 Pages (4250 words) Essay

Managing Financial Resource and Decisions: Brightview PLC

'The prime goal of JIT is the achievement of zero inventory, not just within the confines of a single organization, but ultimately throughout the entire supply chain' (Hutchins, 1988) The financial viability of getting appropriate source of funding or setting up a business depends upon the financial resources available to the owner of that particular firm/company.... The other way for Brightview plc is to take better decision over holding buffer stocks in order to eliminate the risk of running out of stock during the normal production run....
10 Pages (2500 words) Case Study

Project Risk Management with Reference to the Stage of Planning in Building/Property Development

after having assessed the risk, strategies are devised to manage the risks identified.... Risk management is about the identification of the risk, make an assessment of the risks involved and evaluate the course of action.... This paper aims to focus on risk management with reference to the stage of 'Planning' in 'Building' and deals with the consequences of risk and risk management....
14 Pages (3500 words) Assignment

Analysis of Deltek Systems Inc

Every organization has to ensure that it makes the final decision of going ahead with Initial Public Offerings (IPO) after evaluating all vital factors properly.... Since the technological firms were able to make further revenue from the stock market as a result of inflationary prices, it was a logical decision to exploit this proposal for improving the company's performance and financial viability of the employees....
7 Pages (1750 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us