Do Changes in Sense of Purpose in Life Predict Charitable Giving Among U.S. Older Adults? The Moderating Role of Financial Planning Horizon.

OBJECTIVES: Demographic shifts associated with population aging are transforming the philanthropic landscape in the United States. Drawing on the life course perspective and socioemotional selectivity theory, this study investigates how psychological and financial planning factors shape prosocial financial behavior in later life. We examine how changes in sense of purpose in life are associated with charitable giving and further evaluate the extent to which this association is moderated by financial planning horizon among U.S. older adults. METHODS: Data are from the 2016-2022 waves of the U.S. Health and Retirement Study (N = 5,509). We estimated multivariable logistic regression models including a two-way interaction term, adjusting for prosocial behavior, religiosity, sociodemographic, and health covariates. RESULTS: Increases in sense of purpose in life during the study period and a long-term financial planning horizon are positively associated with charitable giving in the fully adjusted models. However, our moderation analyses indicate that for older adults with a short-term financial planning horizon, an increased sense of purpose strongly predicts charitable giving, while for those with a long-term financial planning horizon, this association is weaker or negligible. DISCUSSION: This study reinforces the value of applying life course and motivational theories to examine prosocial financial behavior and suggests that interventions to increase charitable giving among older adults should consider individual differences in time perspective. This study highlights the potential of targeted interventions that enhance psychological well-being and prosocial financial behavior, taking into account individuals' motivational framing and structural contexts to support legacy-building.