The Cost-Benefit of Aging: Financial Capability and Well-Being across Age Groups in Brazil.

A large proportion of older persons in developing countries do not have access to pension, which also constrains their ability to afford healthcare services and entails extensive challenges to the well-being of older people. This study aimed to analyze the financial preparedness of different age groups for retirement in Brazil. Data were derived from a survey to empirically validate the proposed relationships between preparedness for retirement and resilience for the future (financial well-being (FWB) outcomes) on the one hand and among demographic and socioeconomic aspects, behaviors and attitudes, knowledge and experience, and "key" psychological factors on the other hand. The sample consisted of 412 individuals aged between 22 and 79 years. FWB was measured using the financial capability and well-being model and regressed on a number of sociodemographic and psychological variables using linear regression analyses. The results demonstrated that preparedness for retirement was strongly related to older age. Additionally, age was correlated with resilience for the future close to zero, which indicates no relationship. Knowledge and the psychological factors of self-control and confidence were positively and strongly related to better financial behavior for all age groups. In addition, grit and resilience for the future were positively related to better financial behavior in the older age group. Furthermore, the variables of retirement contribution were seemingly not viewed as important to the older group compared with their young and mature counterparts. Multidimensional interventions, especially targeting behaviors and psychological patterns, could, therefore, be recommended in advance to young and mature groups to prepare them to secure their old age and achieve FWB.