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Social Indicators Research

, Volume 118, Issue 1, pp 125–140 | Cite as

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

  • Song-Iee Hong
  • Chang-Keun HanEmail author
Article

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.

Keywords

Assets Life satisfaction Latent profile analysis Older adults Singapore 

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Copyright information

© Springer Science+Business Media Dordrecht 2013

Authors and Affiliations

  1. 1.Department of Social WorkNational University of SingaporeSingaporeSingapore
  2. 2.Department of Social WelfareSungkyunkwan UniversitySeoulSouth Korea

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