British Journal of Psychiatry, 198(2), February 2011, pp.123-128.
Publisher:
Cambridge University Press
The aim of this study was to quantify the cost of lost savings and wealth to Australians aged 45 to 64 who retire from the labour force early because of depression or other mental illness. The study used analysis of data from Health&WealthMOD (a microsimulation model of health, employment, income and wealth designed to measure the economic impact of ill health, built on data from the Australian Bureau of Statistics Survey of Disability, Ageing and Carers), and STINMOD (an income and savings microsimulation model). The results showed that people who are not part of the labour force because of depression or other mental illness have significantly less wealth compared with people of the same age, gender and education who are in the labour force with no chronic health condition, and it is more likely that the wealth that they do have is in cash assets rather than higher growth assets such as superannuation, home equity and other financial investments. The authors conclude that lower accumulated wealth is likely to result in lower living standards for these individuals in the future, to compound the impact of their condition, and to result in a large financial burden on the state.
The aim of this study was to quantify the cost of lost savings and wealth to Australians aged 45 to 64 who retire from the labour force early because of depression or other mental illness. The study used analysis of data from Health&WealthMOD (a microsimulation model of health, employment, income and wealth designed to measure the economic impact of ill health, built on data from the Australian Bureau of Statistics Survey of Disability, Ageing and Carers), and STINMOD (an income and savings microsimulation model). The results showed that people who are not part of the labour force because of depression or other mental illness have significantly less wealth compared with people of the same age, gender and education who are in the labour force with no chronic health condition, and it is more likely that the wealth that they do have is in cash assets rather than higher growth assets such as superannuation, home equity and other financial investments. The authors conclude that lower accumulated wealth is likely to result in lower living standards for these individuals in the future, to compound the impact of their condition, and to result in a large financial burden on the state.
Subject terms:
mental health problems, personal finance, retirement, savings, depression;
NATIONAL PENSIONERS CONVENTION. Women's Working Party
Publisher:
National Pensioners Convention
Publication year:
2005
Pagination:
16p.
Place of publication:
London
Edition:
2nd
The great majority of pensioner poverty is suffered by women. In view of women's life and employment experience only SERPS or something like it offers compensation for their role in society. Private, occupational company pensions - which, outside the public sector, are of little interest or use to women - rather than pay-as-you-go put at the top of the campaigning list by others.
The great majority of pensioner poverty is suffered by women. In view of women's life and employment experience only SERPS or something like it offers compensation for their role in society. Private, occupational company pensions - which, outside the public sector, are of little interest or use to women - rather than pay-as-you-go put at the top of the campaigning list by others.
Subject terms:
pensions, personal finance, retirement, women, employment;
Hong Kong Journal of Social Work, 44(2), Winter 2010, pp.89-104.
Publisher:
World Scientific Publishing Company
Place of publication:
Singapore
Southeast Asian countries are experiencing a rapid aging of the population. This study investigated the formal and informal financial security protections of the elderly and how that compares with financial security preparedness of the younger generations in Malaysia, Singapore and the Philippines. The role of family support as important source of old-age protection in Asian countries was also investigated. Data were collected by means of interviews of working people aged 18 to 59 years and elderly people aged over 60 years in all 3 countries. The participants were: 250 working and 250 elderly people in Kuala Lumpur, Malaysia; 250 working and 250 elderly people in Manila, Philippines; and 206 working and 161 elderly people throughout Singapore. Venn diagrams were constructed to analyse the overlapping of availability of the various financial security protections for the 2 generations and their relative sizes among the 3 regions. The findings showed similar financial protection in all 3 countries. There was general agreement on the inadequacy of the formal old-age benefits, and many participants reverted to informal protections such as insurance, savings and family support. With the exception of Manila, reliance on the family support as perceived by the younger generations has lost its importance.
Southeast Asian countries are experiencing a rapid aging of the population. This study investigated the formal and informal financial security protections of the elderly and how that compares with financial security preparedness of the younger generations in Malaysia, Singapore and the Philippines. The role of family support as important source of old-age protection in Asian countries was also investigated. Data were collected by means of interviews of working people aged 18 to 59 years and elderly people aged over 60 years in all 3 countries. The participants were: 250 working and 250 elderly people in Kuala Lumpur, Malaysia; 250 working and 250 elderly people in Manila, Philippines; and 206 working and 161 elderly people throughout Singapore. Venn diagrams were constructed to analyse the overlapping of availability of the various financial security protections for the 2 generations and their relative sizes among the 3 regions. The findings showed similar financial protection in all 3 countries. There was general agreement on the inadequacy of the formal old-age benefits, and many participants reverted to informal protections such as insurance, savings and family support. With the exception of Manila, reliance on the family support as perceived by the younger generations has lost its importance.
Subject terms:
insurance, older people, pensions, personal finance, retirement, savings, families;
Australian Social Work, 62(2), June 2009, pp.287-298.
Publisher:
Taylor and Francis
Financing retirement is a major concern, especially for women. The present paper reviews significant changes to Australian retirement incomes that require greater individual responsibility for saving, planning, and managing retirement finances. Data on women's financial situation and planning for retirement, and the possible reasons for their limited superannuation accumulations, are explored.
Financing retirement is a major concern, especially for women. The present paper reviews significant changes to Australian retirement incomes that require greater individual responsibility for saving, planning, and managing retirement finances. Data on women's financial situation and planning for retirement, and the possible reasons for their limited superannuation accumulations, are explored. The implications for social work of the requirement that women develop capacity for financial planning and management before, as well as in old age, when physical and cognitive capabilities may be compromised, are discussed.
Subject terms:
income, personal finance, retirement, women, ageing, gender equality;
Corporate Document Services; Great Britain. Department for Work and Pensions
Publication year:
2007
Pagination:
101p.
Place of publication:
Leeds
This report presents findings from research that explored the attitudes of people aged 16 to 29 to saving, retirement and pensions. The research was undertaken in late 2006 to help identify ways of encouraging and enabling young people to save, particularly for their retirement.
This report presents findings from research that explored the attitudes of people aged 16 to 29 to saving, retirement and pensions. The research was undertaken in late 2006 to help identify ways of encouraging and enabling young people to save, particularly for their retirement.
Subject terms:
pensions, personal finance, retirement, savings, young people, attitudes;
... and Social influence. The final section of the review considers evaluations of programmes and courses designed to promote retirement and later life planning and general lessons for anyone wanting to enable people to overcome the barriers to planning. The review found that evidence on specific interventions aimed at increasing planning behaviours is limited. Interventions often focus on formal retirement
(Edited publisher abstract)
Based on a synthesis of evidence from 116 papers, this scoping review summarises the available evidence on what enables people to plan for their later lives from mid-life onwards, and the factors can present barriers to planning. The research found that while barriers exist, planning and preparing for later life is both possible and likely to be beneficial. The evidence shows that those who are living in challenging circumstances, such as those on low income or juggling multiple caring responsibilities, tend to focus on the immediate concerns and are less likely to plan for later life. Factors that could encourage or discourage planning in later life were found to revolve around five themes: Awareness/salience; Choice and control; Knowledge and skills; Instrumental and informational support; and Social influence. The final section of the review considers evaluations of programmes and courses designed to promote retirement and later life planning and general lessons for anyone wanting to enable people to overcome the barriers to planning. The review found that evidence on specific interventions aimed at increasing planning behaviours is limited. Interventions often focus on formal retirement rather than general later-life planning. Evaluations also often suffer methodological shortcomings. However the review highlights some general lessons for anyone wanting to enable people to overcome the barriers to planning.
(Edited publisher abstract)
Subject terms:
literature reviews, ageing, retirement, older people, intervention, planning, personal finance, adults;
Discusses the findings of research into how the general public view their future retirement, how it should be funded and the implications for practitioners and policy makers. The research, which included a survey of around 2,000 members of the general public as well as focus groups with people over 40, looked at what people valued, how they thought they might pay for it, and the role of the state in paying for a good retirement, and the costs of care in retirement. The results found that people value health and financial wellbeing in retirement, and believe the government should provide a safety net of some sort. However, most felt that financial wellbeing in late life is a matter of individual responsibility. The research also found that although the number of people who believe
(Edited publisher abstract)
Discusses the findings of research into how the general public view their future retirement, how it should be funded and the implications for practitioners and policy makers. The research, which included a survey of around 2,000 members of the general public as well as focus groups with people over 40, looked at what people valued, how they thought they might pay for it, and the role of the state in paying for a good retirement, and the costs of care in retirement. The results found that people value health and financial wellbeing in retirement, and believe the government should provide a safety net of some sort. However, most felt that financial wellbeing in late life is a matter of individual responsibility. The research also found that although the number of people who believe that it is an individual's responsibility to pay for their own care appears to be growing with time, few people are actively preparing to meet their potential social care costs. A quarter of those surveyed assume the government will provide care free of charge. The report calls for the government to clarify what people should expect to pay towards their care in later life, and provide advice and assistance for people to achieve this.
(Edited publisher abstract)
Subject terms:
retirement, public opinion, surveys, health, wellbeing, adult social care, costs, central government, social care, personal finance;
Summarises some of the findings of Runnymede's latest financial inclusion research programme which focuses on older people. It looks at an increasing diverse older population, the costs of 'returning home' and the implications of retiring abroad.
Summarises some of the findings of Runnymede's latest financial inclusion research programme which focuses on older people. It looks at an increasing diverse older population, the costs of 'returning home' and the implications of retiring abroad.
Subject terms:
needs, older people, personal finance, poverty, retirement, social exclusion, ageing, black and minority ethnic people;
Much has been written on the ‘pensions crisis’ with many warnings of extremely difficult times ahead, not just for retirees, but for everyone. This report looks at ageing and retirement in the UK and what this could be like at the end of the decade. It evaluates the ‘pension crisis’ and the potential for inter-generational conflict. Based on the findings of a national consumer survey, it recognises that challenges lie ahead but at the same time there is room for optimism. The survey participants were a nationally representative sample of 1,000 people, plus an additional 100 people aged 55 to 57 (i.e. those at retirement age in 2020), and another 100 people aged 65 and above. The research also included interviews with a number of experts. The findings include: the age in which the participants plan to retire; how they are planning to fund their retirement; how they feel about their homes; their knowledge of pension products; the contribution of older people to communities; and the financial commitments of family. The findings show that the option of retiring at 65 is declining in popularity while the option of working for longer is more appealing. There is a clear need for clearer
Much has been written on the ‘pensions crisis’ with many warnings of extremely difficult times ahead, not just for retirees, but for everyone. This report looks at ageing and retirement in the UK and what this could be like at the end of the decade. It evaluates the ‘pension crisis’ and the potential for inter-generational conflict. Based on the findings of a national consumer survey, it recognises that challenges lie ahead but at the same time there is room for optimism. The survey participants were a nationally representative sample of 1,000 people, plus an additional 100 people aged 55 to 57 (i.e. those at retirement age in 2020), and another 100 people aged 65 and above. The research also included interviews with a number of experts. The findings include: the age in which the participants plan to retire; how they are planning to fund their retirement; how they feel about their homes; their knowledge of pension products; the contribution of older people to communities; and the financial commitments of family. The findings show that the option of retiring at 65 is declining in popularity while the option of working for longer is more appealing. There is a clear need for clearer and better advice on pensions. The report concludes that by 2020 there will be some significant upsides to growing older, and that older people and their manifold contributions to society will be valued more.