2011 Saving for a Rainy Day
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Saving for a Rainy Day? Comparative Optimism About Disability in Old Age V R, 1 A M, L B-D, J M Depart ment of Indust rial Enginee ring and Management Ben-Gu rion University of the Negev Beer Sheva, Israel This study examined young ( n = 40) and middle-aged ( n = 30) adults’ susceptibility to comparative optimism and comparative pessimism regarding disability in old age and their willingness to save for long-term care. Participants rated their risk of div ers e lev els of dis abi lit y in old age, compar ed to anothe r simila r per son, and indicated the amount of money they would be willing to save for future long-term care. While middle-aged participants showed the same level of comparative opti- mism for diver se disab ility levels, younger parti cipan ts showe d incre asing levels of compar ati ve opt imism wit h inc rea sing dis abi lit y. Par tic ipa nts’ compar ative optimism levels and age both predicted their intentions to save. The findings are discu ssed in terms of theor ies of judgment and behav ioral decisi on maki ng. jasp_747 1059..1082 Populations in western nations are rapidly aging. Disability prevalence— resulting from home accidents, acute and chronic disease, and dementia— increases with aging (for a review, see He, Sengupta, Velkoff, & DeBarros, 2005). Thus, the growth of elderly populations in developed countries leads to an increase in the number of older people with one or more disabilities. According to Manton and Gu (2001), 19.7% of the older population (over age 65) cope with one or more disabilities affecting daily living; of them, 4.2% are institutionalized. Disabilit y inv olves gre at expense. A disabled older per son’s med ical costs are 3 times higher than those of a nondisabled older person (He et al., 2005). In Israel, for example, the government provides some support for older persons with disability; however, the individual and the family pay the larger part of the cost of care. Ne vert he less, in spit e of age-related disability risks and the accompanying high costs, people often forgo pur- chasin g lon g-t erm car e ins urance (Mc Call, Man gle , Bue r, & Kni ckman, 1998; Meier, 1999). 1 Correspondence concerning this article should be addressed to Joachim Meyer, Depart- ment of Industrial Engineering and Management, Ben Gurion University of the Negev, Beer Sheva 84105, Israel. E-mail: [email protected] 1059 Journal of Applied Social Psycho logy , 2011, 41, 5, pp. 1059–1082. © 2011 Wiley Periodicals, Inc.
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