A lack of financial planning predicts increased mortality risk: Evidence from cohort studies in the United Kingdom and United States.

ABSTRACT: We investigate whether a lack of planning and future-orientation in financial behavior is associated with a higher mortality risk. Our evidence is based on two nationally representative cohorts of older people living in the United States (n = 11,478) and England (n = 11,298), where we compared individuals' self-reported planning horizons on spending and saving with government mortality records. Controlling for demographics, participants with a 1 SD shorter planning horizon had a 9% greater hazard of dying in the English sample (evaluated over 10 years), and a 7% greater hazard in the US sample (over 22 years). These differences in mortality risk could not be explained by variation in respondent's life expectancy, their financial circumstances or a range of other observable covariates. Simi

SUBMITTER: Gladstone JJ 

PROVIDER: S-EPMC10529586 | biostudies-literature | 2023

REPOSITORIES: biostudies-literature