Stum, 11 (1)

Stum, M. S. (2000). Later life financial security: Examining the meaning of competing goals when coping with long -term care. Financial Counseling and Planning, 11(1),25-37.

Later Life Financial Security:

Examining The Meaning Attributed To Goals

When Coping With Long Term Care

Marlene S. Stum1

This study examined the meaning attributed to later life financial security goals from the perspective of involved family members. Interviews with 45 families coping with the demands of long term care provided insight into six goal patterns potentially important to later life financial security: self-sufficiency; spouse’s financial security; control; leaving an inheritance; qualifying for public assistance; and privacy. Evidence of different definitions of goals among participants reinforced the importance of exploring the specific meaning of goals as well as determining overall importance for an individual. Implications for assessing client goals as part of financial planning and education are discussed.

Key words: Elderly, Decision making, Retirement, Long term care

1. Marlene S. Stum, Associate Professor, Family Social Science Department, University of Minnesota, 290 McNeal Hall, 1985 Buford Avenue, St. Paul MN 55108. Phone: 612-625-4270. Fax: 612-625-4227. E-mail:

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