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Health 'Shocks' Diminish Wealth More Later in Life |
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From EurekAlert! - Breaking News: A new study underscores the need for seniors to maintain their health -- in order to maintain their wealth. Building on a 2003 study that found that healthy seniors are more likely to retain their savings, Ohio State University researchers have now discovered that the later in life a serious illness occurs, the more damage it does to a person's finances. The study found that when seniors develop a new and serious health problem -- experiencing what the researchers call a "health shock" -- early in retirement, they lose a substantial portion of their savings immediately. The impact of health problems on seniors' finances has been studied over the years, but scientists have drawn different conclusions -- in part because they measured health and wealth in different ways, said Jinkook Lee, professor of consumer sciences at Ohio State. This study is the first to gather a long-term perspective on how chronic illness diminishes seniors' wealth over time. "When someone has a chronic health problem, they tend to find a way to manage in their daily life, but financially, the negative effect doesn't go away," Lee said. "If you have a chronic health condition, it diminishes your wealth throughout your life. "Though over time the costs associated with that shock may decrease, that illness will still deflate your wealth continuously thereafter." People with chronic diseases in their family history can talk to their doctor to learn about the likelihood of developing these diseases themselves. She is focusing on how universal healthcare systems, such as those in France and Canada -- and now, even in developing countries like Korea -- are easing the burden of citizens' healthcare costs.
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