Beyond income level: Gender differences in income sources, assets, and happiness among older adults in Thailand

Thailand has entered a “completely aged society,” yet older Thais, especially women, face risks of poverty in their retirement. While existing research examines income levels, less attention has been paid to how income sources and asset types relate to happiness among older adults, particularly in Southeast Asia. Income sources may indicate the degree of family connectedness, agency, and autonomy. At the same time, assets can be indicators of long-term financial stability—potentially important for well-being beyond the absolute income level. Using data from 5045 older Thai adults, this study employs the generalized ordered logit model to examine associations between income sources, assets, and happiness, controlling for income level. Results show that income from family support and employment was positively associated with happiness, whereas old-age allowance had the weakest effect, and pension income was not significantly associated with happiness. Among assets, gold ownership and savings were positively associated with higher happiness levels. Gender-disaggregated analyses reveal that men's happiness is more responsive to income sources (pensions, employment, and family support) and to savings. In contrast, women's happiness is more sensitive to absolute household income levels, with family support and gold ownership playing central roles. These findings underscore the vitality of gender-specific pathways to economic security and well-being, with implications for retirement planning policies and programs in Thailand and, potentially, in other Southeast Asian contexts facing rapid population aging.