Financing later life: why financial capability agendas may be problematic

Labor Participation of Retirement-Aged Workers: Understanding the Influencing Mechanism of Health Status and Social Pension Insurance Participation

BACKGROUND

Delayed retirement initiative is taken as one of the proposed solutions to population aging. Rare research attention has been paid to determinants in decisions-making of late retirement.

METHOD

This study applies data from CHARLS survey (2018) that traces the health status among older adults in China, and implements the stepwise multiple regression analysis adjusted with robust standard errors on individual level.

RESULTS

The difficulty in instrumental activities of daily living (IADLs) and chronic conditions could increase the intention of retirement-aged workers to withdraw from late career participation; and the overlay of both would interact to reinforce such intention. Besides, the employment-related social pension participation could further strengthen the jointly contributing effect of both on withdrawal from late career participation.

CONCLUSION

The triple interaction mechanism in retirement-aged workers' decisions of late retirement needs considering in the policy formulation of delayed retirement initiative.

Pensions and the Extending Working Lives Agenda in the UK: The Impact on Women

Extending working lives (EWLs) has been a key policy response to the challenges presented by an ageing population in the United Kingdom (UK). This includes the use of pension policies to encourage working longer. However, opportunities and experiences of EWLs are not equal. While much has been written about EWLs more broadly, limited attention has been paid to connecting those EWLs policies associated with pensions and their potentially unequal impact on women. This article aims to address this gap, taking a feminist political-economy perspective to explore the structural constraints that shape EWLs and pensions. Initially it briefly introduces the EWLs agenda, before focussing on pension developments and their implications for EWLs, considering the gendered nature of these policies. Finally, it touches upon potential policy measures to mitigate the impact of these developments on women. It demonstrates how women’s existing labour market and pension disadvantages have been largely overlooked in the development of EWLs policy, perpetuating or expanded many women’s financial inequalities in later life. It highlights the need for a greater focus on gendered pension differences in developing EWLs policy to ensure women’s circumstances are not adversely impacted on.

Women millennials' perceptions of pension savings through the use of autoenrollment in the UK pension system

There has been concern about younger people, and women in particular, not saving enough for retirement and how to encourage further saving. Therefore, this study-partly funded by the Fawcett Society in association with Scottish Widows-explores female millennials' attitudes and motivations toward pension saving and automatic enrollment through the use of 40 semistructured interviews and a focus group. The findings show that although the introduction of autoenrollment pensions is generally positively received, pensions knowledge is still limited, and this intensifies the risk of undersaving for retirement among millennial women, particularly given women's diverse work histories.

Inequalities in women's awareness of changes to the State Pension Age in England and the role of cognitive ability

As a response to the ageing population, the United Kingdom (UK) government, like many others, has increased the State Pension Age. This has involved equalising women's State Pension Age with men's, raising it from 60 to 65, with further increases already underway. It has been argued that a key issue with how this change has been implemented is the lack of notice the government gave to the women affected, impacting on their ability to plan for retirement. So far, there has been very little research exploring inequalities in awareness of these developments and, in particular, considering whether women of particular socio-economic backgrounds are less likely to know about the changes. This has implications for potentially further widening inequalities in old age. In this paper we analyse data from the English Longitudinal Study of Ageing. We consider the role of cognitive ability in mediating the relationship between socio-economic background and awareness, given recent debates on deficiencies in financial literacy. We find that socio-economic inequalities exist, especially with respect to labour force status, occupation and education. We also find that cognitive ability, especially numeracy, mediates a sizeable proportion of the relationship. These findings have important implications in terms of implementing future policy changes and awareness campaigns to help mitigate the possibility that they will further entrench inequalities in older age.