Hong, G. & Swanson P. M.
(1995). Comparison of financial well-being of older women: 1977 and 1989. Financial
Counseling and Planning, 6, 129-138.
Comparison of Financial
Well-Being of Older Women: 1977 and 1989
Gong-Soog Hong (1)
and Patricia M. Swanson (2)
This study examined the changes
in the household financial well-being of older women ages 55 and over by using
data from the 1977 and 1989 Survey of Consumer Finances. Three financial
measures, household income, emergency fund adequacy, and debt-to-income ratio,
were used. The findings showed that older women in both 1989 and 1977 had
adequate emergency funds but women in 1989 had a lower level of adequacy than
women in 1977. Older women in 1989 had a lower debt-to-income ratio as compared
to older women in 1977. Education, employment, age, marital status,
homeownership, and race, were found to be significant contributing factors to
the household financial status of older women. The effects vary depending on
the financial measures examined.
Key Words: financial well-being,
older women, Survey of Consumer Finance
1. Gong-Soog Hong, Assistant Professor, Consumer Sciences & Retailing,
Purdue University, West Lafayette, IN 47906-1262. Phone: (317) 494-8302 Fax:
(317) 494-0869. Email: email@example.com.
2. Patricia M. Swanson, Temporary Assistant Professor, Human Development and
Family Studies, Iowa State
University, Ames, IA 50011.
* An earlier version of this paper
was presented at the 40th Annual Conference of American Counsel on
Consumer Interests, Minneapolis, MN.