IDEAS home Printed from https://ideas.repec.org/a/spr/soinre/v118y2014i1p125-140.html
   My bibliography  Save this article

Asset Impacts on Life Satisfaction in an Asset-Rich Country: Focusing on Older Adults in Singapore

Author

Listed:
  • Song-Iee Hong
  • Chang-Keun Han

Abstract

Using a representative sample, this study examined the extent to which assets matter for life satisfaction among older adults in Singapore. Singapore is a particularly useful context to explore the relationship between life satisfaction and assets because almost all Singaporeans own their own house, regardless of income level. First, this study used a latent profile analysis to assess patterns of life satisfaction. Then, asset impacts on this pattern of life satisfaction were examined, while controlling for contextual and health factors. The study found that financial assets matter for life satisfaction of older adults in Singapore. In particular, older adults in both the moderate life satisfaction class (LSC) and the High LSC were likely to have higher financial assets. Comparatively, other economic indicators such as real assets, total debts, and monthly household income were not significantly related to life satisfaction of older adults in the Moderate and High LSC compared to the Low LSC. However, real assets and monthly household income were significant predictors distinguishing the Moderate LSC and the High LSC. Throughout the models, total debts were not considered as a significant predictor of life satisfaction differences. This paper concludes by providing several policy and practice implications. Copyright Springer Science+Business Media Dordrecht 2014

Suggested Citation

  • Song-Iee Hong & Chang-Keun Han, 2014. "Asset Impacts on Life Satisfaction in an Asset-Rich Country: Focusing on Older Adults in Singapore," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 118(1), pages 125-140, August.
    • Handle: RePEc:spr:soinre:v:118:y:2014:i:1:p:125-140
    DOI: 10.1007/s11205-013-0410-z
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11205-013-0410-z
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11205-013-0410-z?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Seongtae Lee, 2006. "Recent development of the Korean bond market," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 171-173, Bank for International Settlements.
    2. Treena Wu & Angelique Chan, 2011. "Older women, health, and social care in Singapore," Asia Europe Journal, Springer, vol. 8(4), pages 513-526, April.
    3. Ssewamala, F.M. & Han, C.-K. & Neilands, T.B. & Ismayilova, L. & Sperber, E., 2010. "Effect of economic assets on sexual risk-taking intentions among orphaned adolescents in Uganda," American Journal of Public Health, American Public Health Association, vol. 100(3), pages 483-488.
    4. Jeffrey Dew, 2007. "Two Sides of the Same Coin? The Differing Roles of Assets and Consumer Debt in Marriage," Journal of Family and Economic Issues, Springer, vol. 28(1), pages 89-104, March.
    5. Colleen Howell & Ryan Howell & Kurt Schwabe, 2006. "Does Wealth Enhance Life Satisfaction for People Who are Materially Deprived? Exploring the Association among the Orang asli of Peninsular Malaysia," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 76(3), pages 499-524, May.
    6. Siok Tambyah & Soo Tan & Ah Kau, 2009. "The Quality of Life in Singapore," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 92(2), pages 337-376, June.
    7. Chang-Keun Han & Song-Iee Hong, 2011. "Assets and Life Satisfaction Patterns Among Korean Older Adults: Latent Class Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 100(2), pages 225-240, January.
    8. Ssewamala, Fred M. & Han, Chang-Keun & Neilands, Torsten B., 2009. "Asset ownership and health and mental health functioning among AIDS-orphaned adolescents: Findings from a randomized clinical trial in rural Uganda," Social Science & Medicine, Elsevier, vol. 69(2), pages 191-198, July.
    9. Colleen J. Howell & Ryan T. Howell & Kurt A. Schwabe, 2006. "Does Wealth Enhance Life Satisfaction for People Who are Materially Deprived? Exploring the Association among the Orang asli of Peninsular Malaysia," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 76(3), pages 499-524, May.
    10. Phang, Sock-Yong, 2004. "House prices and aggregate consumption: do they move together? Evidence from Singapore," Journal of Housing Economics, Elsevier, vol. 13(2), pages 101-119, June.
    11. Williams Shanks, Trina R. & Kim, Youngmi & Loke, Vernon & Destin, Mesmin, 2010. "Assets and child well-being in developed countries," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1488-1496, November.
    12. Deo Bardhan, Ashok & Datta, Rajarshi & Edelstein, Robert H. & Sau Kim, Lum, 2003. "A tale of two sectors: Upward mobility and the private housing market in Singapore," Journal of Housing Economics, Elsevier, vol. 12(2), pages 83-105, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lucille Aba Abruquah & Xiuxia Yin & Ya Ding, 2019. "Old Age Support in Urban China: The Role of Pension Schemes, Self-Support Ability and Intergenerational Assistance," IJERPH, MDPI, vol. 16(11), pages 1-17, May.
    2. Shiyou Wu & Mimi V. Chapman & Meihua Zhu & Xiafei Wang, 2020. "Household Assets, the Role of Government Assistance, and Depression Among Low-Income Families in Shanghai," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(2), pages 571-584, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Shiyou Wu & Mimi V. Chapman & Meihua Zhu & Xiafei Wang, 2020. "Household Assets, the Role of Government Assistance, and Depression Among Low-Income Families in Shanghai," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(2), pages 571-584, June.
    2. Rajat Deb, 2016. "Determinants of Savings in Sukanya Samriddhi Account: Evidence from Tripura," IIM Kozhikode Society & Management Review, , vol. 5(2), pages 120-140, July.
    3. Matt Vassar, 2008. "A note on the score reliability for the Satisfaction With Life Scale: an RG study," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 86(1), pages 47-57, March.
    4. Jantsch, Antje & Le Blanc, Julia & Schmidt, Tobias, 2022. "Wealth and subjective well-being in Germany," Discussion Papers 11/2022, Deutsche Bundesbank.
    5. Viren Swami & Tomas Chamorro-Premuzic, 2009. "Psychometric Evaluation of the Malay Satisfaction With Life Scale," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 92(1), pages 25-33, May.
    6. Francisco Zorondo-Rodríguez & Mar Grau-Satorras & Jenu Kalla & Katie Demps & Erik Gómez-Baggethun & Claude García & Victoria Reyes-García, 2016. "Contribution of Natural and Economic Capital to Subjective Well-Being: Empirical Evidence from a Small-Scale Society in Kodagu (Karnataka), India," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 127(2), pages 919-937, June.
    7. Sing, Tien-Foo & Tsai, I-Chun & Chen, Ming-Chi, 2006. "Price dynamics in public and private housing markets in Singapore," Journal of Housing Economics, Elsevier, vol. 15(4), pages 305-320, December.
    8. Masferrer-Dodas, Elena & Rico-Garcia, Luis & Huanca, Tomás & Reyes-García, Victoria, 2012. "Consumption of market goods and wellbeing in small-scale societies: An empirical test among the Tsimane' in the Bolivian Amazon," Ecological Economics, Elsevier, vol. 84(C), pages 213-220.
    9. Chris Sibley & Niki Harré & William Hoverd & Carla Houkamau, 2011. "The Gap in the Subjective Wellbeing of Māori and New Zealand Europeans Widened Between 2005 and 2009," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 104(1), pages 103-115, October.
    10. Nabunya, Proscovia & Ssewamala, Fred M. & Ilic, Vilma, 2014. "Family economic strengthening and parenting stress among caregivers of AIDS-orphaned children: Results from a cluster randomized clinical trial in Uganda," Children and Youth Services Review, Elsevier, vol. 44(C), pages 417-421.
    11. Fengyu Wu, 2020. "An Examination of the Effects of Consumption Expenditures on Life Satisfaction in Australia," Journal of Happiness Studies, Springer, vol. 21(8), pages 2735-2771, December.
    12. Ozge Gokdemir, 2015. "Consumption, savings and life satisfaction: the Turkish case," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 62(2), pages 183-196, June.
    13. Sylvia Shangani & Don Operario & Becky Genberg & Kipruto Kirwa & Miriam Midoun & Lukoye Atwoli & David Ayuku & Omar Galárraga & Paula Braitstein, 2017. "Unconditional government cash transfers in support of orphaned and vulnerable adolescents in western Kenya: Is there an association with psychological wellbeing?," PLOS ONE, Public Library of Science, vol. 12(5), pages 1-15, May.
    14. Darejan Dvalishvili & Fred. M. Ssewamala & Proscovia Nabunya & Ozge Sensoy Bahar & Samuel Kizito & Flavia Namuwonge & Phionah Namatovu, 2022. "Impact of Family-Based Economic Empowerment Intervention, Suubi+Adherence (2012–2018) on Multidimensional Poverty for Adolescents Living with HIV (ALWHIV) in Uganda," IJERPH, MDPI, vol. 19(21), pages 1-17, November.
    15. Siew Yap & Rozumah Baharudin, 2016. "The Relationship Between Adolescents’ Perceived Parental Involvement, Self-Efficacy Beliefs, and Subjective Well-Being: A Multiple Mediator Model," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 126(1), pages 257-278, March.
    16. Dung Phuong Hoang & Thi Hong Hai Nguyen & Nham Linh Vuong & Dat Luong, 2023. "Linking psychological needs, perceived financial well-being and loyalty: the role of commercial banks," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(3), pages 466-487, September.
    17. Qian Li & Xiaoguang Huang & Hanwen Zhang, 2023. "Exploring the Effects of Consumption Expenditures on Life Satisfaction in China," Journal of Happiness Studies, Springer, vol. 24(6), pages 1963-1990, August.
    18. Nabunya, Proscovia & Ssewamala, Fred M. & Ilic, Vilma, 2014. "Reprint of “Family economic strengthening and parenting stress among caregivers of AIDS-orphaned children: Results from a cluster randomized clinical trial in Uganda”," Children and Youth Services Review, Elsevier, vol. 47(P2), pages 182-186.
    19. Xing Ji & Jia Chen & Hongxiao Zhang, 2023. "Agricultural Specialization Threatens Sustainable Mental Health: Implications for Chinese Farmers’ Subjective Well-Being," Sustainability, MDPI, vol. 15(20), pages 1-22, October.
    20. Cheah, Yong Kang & Tang, Chor Foon, 2013. "The Socio-Demographic Determinants Of Self-Rated Happiness: The Case Of Penang, Malaysia," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 54(1), pages 1-16, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:soinre:v:118:y:2014:i:1:p:125-140. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.