OBJECTIVES: As the US population ages, understanding the relationship between mental health and financial stability later in life has become increasingly important. Excess spending among older adults poses a significant risk to financial stability, particularly in the context of psychological factors. This study examined predictors of excess spending, focusing on sociodemographic variables, and depression as measured by Geriatric Depression Scale (GDS). METHOD: age = 72.9 (SD = 7.9). RESULTS: = 0.010). CONCLUSION: GDS scores were associated with excess spending as determined by review of 12 months of checking statements. These findings underscore the critical role of depressive symptoms in financial behaviors, emphasizing the need for targeted interventions addressing psychological factors to mitigate excess spending among older adults.
Flores et al. (Tue,) studied this question.
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