Purpose: The purpose of this paper is to examine the language and cultural assumptions that government uses when proposing policy reforms for the financing of later life, especially in promoting the financial capability of citizens. The author asks what the implications of this political construction are for society.
Design/methodology/approach: The author examines UK government policy documents from the foundation of the Financial Services Authority in 1997 until 2013. The author analyses these documents to understand the discourses of government for the financing of later life, how powerful these discourses are, and what influence they have on policy and society.
Findings: The paper shows that the government considers the promotion of the financial capability agenda to be a solution to structural problems in the provision of old age welfare. By controlling the discourse, non-market-based discussions of welfare are closed and any need for examination of the structural causes of inequality in old age is made invisible. The discourse prevents critique of the individualisation of risk and market provided welfare and service delivery, and failures of policy become the failures of individuals as both consumers and regulators.
Originality/value: The financial capability agenda sounds so sensible and has enrolled so many different organisations in its delivery that it is rare to reflect on the cultural and political assumptions that lie behind these discourses. When these are analysed, the author observes that individualised discourses surrounding money and welfare in later life are so powerful that more collective solutions to issues of financial welfare are closed off from public debate and discussion.
(Publisher abstract)
Purpose: The purpose of this paper is to examine the language and cultural assumptions that government uses when proposing policy reforms for the financing of later life, especially in promoting the financial capability of citizens. The author asks what the implications of this political construction are for society.
Design/methodology/approach: The author examines UK government policy documents from the foundation of the Financial Services Authority in 1997 until 2013. The author analyses these documents to understand the discourses of government for the financing of later life, how powerful these discourses are, and what influence they have on policy and society.
Findings: The paper shows that the government considers the promotion of the financial capability agenda to be a solution to structural problems in the provision of old age welfare. By controlling the discourse, non-market-based discussions of welfare are closed and any need for examination of the structural causes of inequality in old age is made invisible. The discourse prevents critique of the individualisation of risk and market provided welfare and service delivery, and failures of policy become the failures of individuals as both consumers and regulators.
Originality/value: The financial capability agenda sounds so sensible and has enrolled so many different organisations in its delivery that it is rare to reflect on the cultural and political assumptions that lie behind these discourses. When these are analysed, the author observes that individualised discourses surrounding money and welfare in later life are so powerful that more collective solutions to issues of financial welfare are closed off from public debate and discussion.
(Publisher abstract)
Subject terms:
financing, older people, government policy, pensions, financial management;
Reports on research to examine the relationship between income, wealth and the experience of retirement of low-income older households. The study analysed data from Wave 6 (2012-13) of the English Longitudinal Study of Ageing (ELSA). It found that different levels of low income, around or below the government's guaranteed minimum income level for older people, do not lead to different experiences of retirement. However it found that non-housing wealth, such as 'buffer savings', are what makes the difference in people's experiences of retirement. Statistically significant relationships were identified between non-housing wealth and older people's experience of retirement in relation to: health and mental wellbeing, participation in leisure activities, participation in the community, and other aspects of life satisfaction. The findings show the importance of 'buffer savings' in supporting the wellbeing of poorer older
people and the important role of savings policy in ensuring that as many people as possible enter retirement in possession of buffer savings, in addition to pension savings.
(Edited publisher abstract)
Reports on research to examine the relationship between income, wealth and the experience of retirement of low-income older households. The study analysed data from Wave 6 (2012-13) of the English Longitudinal Study of Ageing (ELSA). It found that different levels of low income, around or below the government's guaranteed minimum income level for older people, do not lead to different experiences of retirement. However it found that non-housing wealth, such as 'buffer savings', are what makes the difference in people's experiences of retirement. Statistically significant relationships were identified between non-housing wealth and older people's experience of retirement in relation to: health and mental wellbeing, participation in leisure activities, participation in the community, and other aspects of life satisfaction. The findings show the importance of 'buffer savings' in supporting the wellbeing of poorer older
people and the important role of savings policy in ensuring that as many people as possible enter retirement in possession of buffer savings, in addition to pension savings.
(Edited publisher abstract)
Subject terms:
low income, older people, wellbeing, quality of life, savings, pensions;
This report challenges assumptions that baby boomers in the UK, defined in this report as people between the ages of 55-70, are a uniform group who have benefited at the expense of younger age groups. It presents evidence to show the diversity that exists within this group and reports on the differences and inequalities they have experienced in the areas of health, educational opportunities, income and pension, housing, and employment. Finding show that not all older people in this age group have benefited from house price inflation, with just under half of those aged 55-64 in England fully own their property and with 24% still renting. Other differences highlighted include health and life expectancy, and the fact that almost three in ten of 55-64 year olds in Great Britain do not have any pension savings. The paper stresses the importance of acknowledging diversity within this group if policy makers are to meet the needs on the ageing population.
(Edited publisher abstract)
This report challenges assumptions that baby boomers in the UK, defined in this report as people between the ages of 55-70, are a uniform group who have benefited at the expense of younger age groups. It presents evidence to show the diversity that exists within this group and reports on the differences and inequalities they have experienced in the areas of health, educational opportunities, income and pension, housing, and employment. Finding show that not all older people in this age group have benefited from house price inflation, with just under half of those aged 55-64 in England fully own their property and with 24% still renting. Other differences highlighted include health and life expectancy, and the fact that almost three in ten of 55-64 year olds in Great Britain do not have any pension savings. The paper stresses the importance of acknowledging diversity within this group if policy makers are to meet the needs on the ageing population.
(Edited publisher abstract)
... and income poor; the boomers themselves, who have either recently entered retirement or are approaching that point, often labelled as having had it all – housing, final salary pensions and the promise of generous pensioner benefits to come; and the post-boomers, a group in their 40s and early 50s, perhaps the last generation to have invested in property on a large scale but less likely to be able to rely
(Edited publisher abstract)
This white paper from the ILC-UK considers how recent successes in poverty reduction at older ages could be undermined in the absence of a long term strategy for later life funding. Key risk factors include: continuing reductions to social care budgets; variations amongst the baby boomers with nearly 1 in 3 having no pension wealth whatsoever; and the continued uncertainty about whether those who are in their 40s today, will be able to depend on the state in the future to provide adequate levels of support given the rising fiscal pressures of supporting an ageing population. The paper provides a detailed analysis of current and future retires, which are split into three distinct groups: the pre-boomers – now in their mid-70s and older, many requiring long-term care and generally, at best, asset rich and income poor; the boomers themselves, who have either recently entered retirement or are approaching that point, often labelled as having had it all – housing, final salary pensions and the promise of generous pensioner benefits to come; and the post-boomers, a group in their 40s and early 50s, perhaps the last generation to have invested in property on a large scale but less likely to be able to rely on final salary pension schemes to generate an income in retirement. Each of these groups face different sorts of challenges and the paper outlines possible solutions. It argues that a strategy for later life funding must: secure effective funding for adult social care; implement the Dilnot reforms; find ways of ensuring the provision of mass market financial advice; develop default options for those who “sit on their pension pots and do nothing”; be clear around what constitutes the deliberate deprivation of assets within the context of the new pension freedoms; incentivise downsizing; support innovation in the equity release market; and support policy which extends working lives.
(Edited publisher abstract)
Subject terms:
older people, low income, pensions, poverty, adult social care, financing, savings, ageing;
EUROPEAN COMMISSION. Directorate-General for Economic and Financial Affairs
Publisher:
European Commission
Publication year:
2015
Pagination:
397
Place of publication:
Brussels
... and scale of challenges that can be expected so as to inform European policy makers about the scale and timing of the challenges they must face. The report is structured in two parts. The first one describes the underlying assumptions: the population projection, the labour force projection and the macroeconomic assumptions used. The second part presents the long-term budgetary projections on pensions,
(Edited publisher abstract)
This report sheds light on the economic, budgetary and societal challenges that policy makers in Europe will have to face in the future as a result of the ageing population. Demographic trends mean that the proportion of workers supporting those in retirement will halve from an average of four today, to just two, by 2060.The report’s long-term projections provide an indication of the timing and scale of challenges that can be expected so as to inform European policy makers about the scale and timing of the challenges they must face. The report is structured in two parts. The first one describes the underlying assumptions: the population projection, the labour force projection and the macroeconomic assumptions used. The second part presents the long-term budgetary projections on pensions, health care, long-term care, education and unemployment benefits. Statistical annexes give an overview of the projection results by area and by country.
(Edited publisher abstract)
Subject terms:
ageing, demographics, older people, health care, long term care, financing, resource allocation, pensions, education, jobseekers allowance;
Quality in Ageing and Older Adults, 16(1), 2015, pp.22-26.
Publisher:
Emerald
Purpose: The purpose of this paper is to explore how the next government could develop a better deal in relation to work, pensions and poverty. The paper argues that given the changing face of poverty, the next government should focus on creating better jobs if it is really to encourage people to work longer and save more for retirement. Furthermore, it could do more to support those who that the minimum wages is set with regard to the changing price of essentials and changing average earnings; raising awareness of the Living Wage and playing a leadership role; industrial strategies for low paid sectors; mid-life career reviews and increased rights for those aged 60 and over; the redistribution of tax relief on pension contributions and the auto-escalation of workplace pensions.Originality/value: This paper looks at the issue of an ageing society, work and pensions through a poverty lens.
(Publisher abstract)
Purpose: The purpose of this paper is to explore how the next government could develop a better deal in relation to work, pensions and poverty. The paper argues that given the changing face of poverty, the next government should focus on creating better jobs if it is really to encourage people to work longer and save more for retirement. Furthermore, it could do more to support those who are currently under-saving for retirement.
Design/methodology/approach: The paper draws on evidence from a number of recent qualitative and quantitative JRF research reports and government statistical data.
Findings: The paper suggests policy recommendations for the next government focused on creating better jobs and helping those on lower incomes increase their pension pots. This includes: ensuring that the minimum wages is set with regard to the changing price of essentials and changing average earnings; raising awareness of the Living Wage and playing a leadership role; industrial strategies for low paid sectors; mid-life career reviews and increased rights for those aged 60 and over; the redistribution of tax relief on pension contributions and the auto-escalation of workplace pensions.
Originality/value: This paper looks at the issue of an ageing society, work and pensions through a poverty lens.
(Publisher abstract)
Quality in Ageing and Older Adults, 16(1), 2015, pp.18-21.
Publisher:
Emerald
... the generations and annual public sector pensions.
(Publisher abstract)
Purpose: Increasing longevity, while welcome, has far-reaching implications for the social contract between generations. These include eye-watering costs for health and social care, intense pressure on the old-age dependency ratio, changing power relations in politics and voting, and increasing pressure on in-work families. In a period of austerity, policy makers have chosen to protect older generations’ benefits and paid for this by slashing benefits for the young, in spite of growing evidence that wealth distribution has changed with older generations becoming wealthier than once thought. The paper concludes that age alone can no longer be used as a proxy for need. The paper aims to discuss these issues.
Design/methodology/approach: This discussion paper uses original quantitative research and analysis undertaken by the Intergenerational Foundation (IF) (www.if.org.uk) which includes Freedom of Information requests to government departments. It brings together the think tank's research into demographics, ageing, policy, government debt and liabilities, benefit reform and spending patterns in order to investigate the changing distribution of wealth across the generations.
Findings: It is clear that with changing distributions of wealth that age alone can no longer be used as a proxy for need. While older generations are becoming wealthier younger generations are becoming increasingly burdened by debt, with poorer prospects and being asked to maintain the current status quo.
Originality/value: The paper contains original research conducted by the IF (www.if.org.uk) into spending patterns across the generations and annual public sector pensions.
(Publisher abstract)
Subject terms:
health care, social care, older people, ageing, population, intergenerational relationships, demographics, pensions, costs, expenditure;