Perceptions of Increases in Cost of Living and Psychological Distress Among Older Adults

Objectives: This article examines whether older adults' perceptions of an increase in their cost of living during a time of rapid inflation are associated with multiple aspects of psychological distress, as well as whether mastery buffers these associations. Methods: Data were derived from a two-wave longitudinal survey of older adults gathered in 2021 and 2022 (N = 4,010). Multiple regression models examined symptoms of depression, anxiety, and anger. Results: Perceptions of moderate or large increases in cost of living were associated with higher levels of distress at follow-up. Taking baseline financial strain, mastery, and psychological distress into account weakened these associations, but perceptions of a large increase in cost of living were still substantially linked with anger and anxiety. Mastery also buffered associations with anxiety and anger. Discussion: Macroeconomically derived adversities can shape anxiety and anger in later-life, but these mental health consequences fall more heavily on individuals possessing lower levels of mastery.

Automated summary

This study examines the association between older adults' perceptions of an increase in their cost of living during rapid inflation and various aspects of psychological distress, and whether mastery moderates these associations. The results indicate that perceiving moderate or large increases in cost of living is associated with higher levels of distress. Taking into account baseline financial strain, mastery, and psychological distress weakens these associations, but perceiving a large increase in cost of living still substantially links to anger and anxiety. Mastery also buffers the associations with anxiety and anger.