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Economic security and rural senior well-being: The role of personal savings deposits

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  • Ren, Nan
  • Duan, Kai

Abstract

This study uses a panel regression model to analyze the effect of personal savings deposits on the quality of life (QoL) of rural elderly individuals, emphasizing the mediating role of economic security within the financial framework. Findings reveal the following. (1) Economic security significantly mediates the relation between savings and QoL, suggesting that wealth accumulation is insufficient and well-being depends on financial security perceptions. (2) Pension coverage reduces reliance on personal savings for sustaining QoL, whereas solitary-living individuals rely more on savings, highlighting their financial vulnerability. (3) Enhancing social support systems mitigates savings-related financial anxiety, thus improving overall economic stability and well-being. This research provides valuable insights into the financial determinants of the welfare of older adults, advocating for policy frameworks that emphasize economic security through financial instruments and wealth management, rather than focusing only on wealth accumulation.

Suggested Citation

  • Ren, Nan & Duan, Kai, 2025. "Economic security and rural senior well-being: The role of personal savings deposits," Finance Research Letters, Elsevier, vol. 86(PC).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pc:s1544612325017143
    DOI: 10.1016/j.frl.2025.108460
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