Economic inequality and mental health in older adults: Exploring new dimensions of economic well-being.

Economic inequality is a persistent global issue with profound implications for mental health, particularly among older adults. Previous studies have largely focused on objective economic well-being indicators such as income, employment status, and poverty. While these factors are crucial, emerging evidence suggests that welfare benefits and subjective economic well-being components of what can be deemed augmented economic well-being, may play equally significant roles in shaping psychological health among aging populations. This research explores how disparities in these aspects contribute to psychological distress in older adults. We highlight the role of financial security, government assistance programs, and personal economic satisfaction. We propose policy interventions to mitigate adverse effects and emphasize the need for a holistic approach to economic well-being to improve mental health outcomes in older adults. This study reveals that subjective financial security and access to welfare benefits often surpass income as predictors of mental health. These insights underscore the importance of broadening economic frameworks in aging research and developing integrated policies to enhance financial and psychological well-being.