Association Between Financial Support and Physical Health in Older People: Evidence from CHARLS Data

Background/Objectives: Prior research has established the significant role of financial support in shaping older adults’ physical health but often overlooks the heterogeneous effects of distinct financial support types and their underlying mechanisms. This study addresses these gaps by investigating how property-based support and children’s financial support differentially influence the health of older people, aiming to inform targeted interventions for healthy aging. Methods: Based on 2020 microdata from the China Health and Retirement Longitudinal Study (CHARLS), the analysis was conducted using the ordered logistic regression model and the mediation effect model. Results: Property ownership demonstrated a significant positive association with older adults’ physical health (β = 0.21, p < 0.01), while children’s financial support showed an adverse effect (β = −0.14, p < 0.05). These relationships were mediated by two key pathways: enhanced social participation (accounting for 32%) and increased engagement in sports activities (accounting for 28%). Conclusions: The study underscores the need to differentiate between financial support sources when designing aging policies. Recommendations include incentivizing asset accumulation among older adults, promoting delayed retirement for capable individuals, and fostering community-based initiatives to boost social and physical activity participation. These findings advocate for integrated policy frameworks that combine financial empowerment with social engagement opportunities to address aging challenges in China.