ACUERDOS Y RESOLUCIONES INTERNACIONALES SOBRE COOPERATIVISMO

In view of the fact that the predictor variables have been categorized into financial and non- financial, the examination of association is presented using this categorization. Under financial variables, pension income and total income are the two variables used. Total income is a sum of pension income and all other incomes available to individual retirees (not their household)

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at the time of collecting data for the study. Previous studies show that money is a key contributor to wellbeing among elderly people (Darkwa, 2000; Deaton, 2008; Doh, 2012; Lloyd-Sherlock, Barrientos, Moller, and Saboia, 2012). The hypothesized association between income and wellbeing in each dimension is that: retirement incomes (pension income and total

income) are associated with wellbeing in each of the five dimensions of wellbeing. This means

that respondents with higher retirement income will experience higher measures of wellbeing in each of the five domains of wellbeing.

The results of the bivariate analysis presented in Table 5.2 show that pension income and total income are associated with all the five dimensions of wellbeing (health, housing, food, social, and financial). Sections 5.3.1 and 5.3.2 discuss the association between pension income and wellbeing, and total income and wellbeing respectively.

5.3.1 Pension income and wellbeing

Pension income is the main source of income for all the respondents in this study. This is the monthly amount received from SSNIT as benefits for contributing to the SSNIT pension scheme prior to retirement. Pension income is positively associated with health wellbeing (p<0.001, coefficient 0.289). The relationship shows that variation in pension income affects health wellbeing of respondents in this study. Given that the data used in the model were standardized and standardized coefficients reported, we conclude that one standard deviation shift in pension income results in a positive change in health wellbeing (coefficient is 0.289 or about a quarter of a standard deviation). Thus those who receive a higher pension have a higher chance of having better health wellbeing. This finding is consistent with the findings of Case (2004) in South Africa where a strong association exists between income and health status.

In terms of housing, the data show a positive association between pension income and housing wellbeing (p<0.001; coefficient 0.209). This means that retirees with higher pension income have higher propensity to enjoy better housing wellbeing than those with lower pension income. One standard deviation shift in pension income results in one-fifth of a standard deviation shift in housing wellbeing (coefficient 0.209). How this happens is explained in the analysis of qualitative data (Chapter Six).

Table 5.2 also shows a positive association between pension income and food wellbeing (p<0.01; coefficient 0.098). This means that higher pension income positively correlates with

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food wellbeing such that one standard deviation change in pension results in a tenth of a standard deviation in food wellbeing. Although we find a significant association, the coefficient suggests that the change is small.

The analysis shows a positive association between pension income and social wellbeing (p<0.001, coefficient 0.314). In other words, the index for social wellbeing increases as pension income increases. The coefficient of 0.314 means that a standard deviation increase in pension income results in about one-third of a standard deviation increase in social wellbeing.

There is a positive association between pension income and financial wellbeing (p<0.05, coefficient 0.446). This means that a standard deviation increase in pension income results in about one-half of a standard deviation increase in financial wellbeing. The data therefore support the hypothesis that higher pension income leads to higher financial wellbeing, which was expected.

5.3.2 Total individual income and wellbeing

The second financial variable is total income, which is the sum of pension income and all other incomes that come to the retiree. This variable was computed to take account of the fact that some respondents had additional sources of income, which increased their financial resource because pension incomes are generally low (Kunawotor, 2013; Palacios and Pallares-Miralles, 2000a).

Total income is positively associated with health wellbeing (p<0.001; coefficient 0.289). It means that as total income increases, the index for health wellbeing also increases. Respondents with higher total income therefore have higher health wellbeing. The coefficient of 0.289 implies that a standard deviation increase in total income results in about three-tenths of a standard deviation increase in health wellbeing.

Total income is also positively associated with housing wellbeing (p<0.001; coefficient 0.255). Thus a standard deviation change in total individual income results in a quarter of a standard deviation change in housing wellbeing. The data supports the argument that as total individual income increases, so does housing wellbeing also increase. In effect, respondents whose total incomes were high reported a better housing wellbeing.

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With regards to food wellbeing, the analysis shows that total income has a significant association with food intake wellbeing (p<0.001; coefficient 0.161). This positive association implies that higher total income correlates with food wellbeing. The coefficient of 0.161 means that a standard deviation change in total income results in close to two-tenths of a standard deviation increase in food wellbeing index.

The analysis of association between total income and social wellbeing shows a positive association between the two variables (p<0.001; coefficient of 0.325). This means that the data supports the hypothesis that high total income correlates with high social wellbeing. The coefficient of 0.325 means that a standard deviation increase in total income results in one- third of a standard deviation increase in social wellbeing.

Like pension income, the analysis shows a positive association between total income and financial wellbeing (p>0.05). The coefficient of 0.440 means that a standard deviation increase in total income results in about one-half of a standard deviation increase in financial wellbeing. The data therefore support the hypothesis that increased total income corresponds with increased financial wellbeing. A higher financial wellbeing index is therefore associated with respondents with high total income but not those with comparatively lower total income.