Financial, Physical, and Social Well-Being as Predictors of Leisure Choices in Later Life: Evidence from India

Abstract: As people live longer, addressing the well-being of the aging population is increasingly becoming a critical concern as demographic shifts indicate a rise in the elderly population. We examined behavioral traits like perceived financial stability, social engagement, and physical and mental health play significant roles in shaping quality of life. Through quantitative research involving 934 participants aged 50 to 75, the relationship between perceived financial well-being, mental and physical health, lifestyle habits, social engagement, and leisure lifestyle was investigated. Utilizing Structural Equation Modeling (SEM), six hypotheses were tested, affirming the substantial impact of perceived financial well-being on the leisure lifestyle of older adults. Furthermore, mental and physical health, along with social engagement, exhibited notable influence. However, lifestyle habits failed to demonstrate any significant impact on the leisure lifestyle of older adults. These findings hold relevance for both individuals and communities. Initiatives such as affordable healthcare services tailored to the specific needs of the elderly, community-based programs promoting social engagement and mental health support, and pension schemes to ensure financial stability are crucial. Keywords: Aging and Older Adult Population, Recreation and Leisure, Health and Physical Wellness, Social Connections, Life Style Habits, Financial Well-being JEL Classification Number: I10, I31, J14, Z18