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KMID : 0379220170370020349
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Journal of Korea Gerontological Society
2017 Volume.37 No. 2 p.349 ~ p.368
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The Effect of Baby-boomer Retirees’ Consumption Patterns on Depression in Later Life
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Park Seo-Young
Hong Song-Lee
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Abstract
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The purpose of this study is to empirically structure the patterns of baby boomer retirees’consumption and their effects on depression in later life. Using the 5th wave of Korea Retirement and Income Study(KReIS) in 2013, of baby boomers born in 1955 to 1963, we analyzed those who were completely retired(n=420). The Latent Profile Analysis(LPA) classified the empirical patterns of consumption and then a multiple regression analyzed the effect of consumption patterns on depression among these baby boomer retirees.
The LPA results showed that the consumption patterns consist of five groups: (1) Basic life-oriented class(26.9%), (2) Balanced consumption class(29.3%), (3) Social life-oriented class(18.3%), (4) Leisure-oriented class(18.5%), and (5) Education-oriented class(7.0%). Baby boomer retirees’ depression was associated with their consumption patterns. Specifically, the basic life-oriented class showed significantly lower depression than the education-oriented class. Other correlates such as higher education, having no spouse, lower subjective health, greater limitations in physical functions, having a diagnosed disability, having fewer children, higher dissatisfaction with leisure activities, and lower self-perceived economic status were associated with higher levels of depression in this study.
These findings suggest meaningful implications for gerontological policy and practice for baby boomer retirees in Korea. In light of vulnerable retirement preparation, social services specialized for baby boomers should consider financial education for revamping consumption scale beyond asset management and long-term case management of pre and post retirement cases.
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KEYWORD
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Consumption Pattern , Depression , Baby-boomer , Retirement, , Latent Profile Analysis(LPA)
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