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The effect of the financial crisis on older households in England

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Author Info

  • James Banks

    () (Institute for Fiscal Studies and University of Manchester)

  • Rowena Crawford

    () (Institute for Fiscal Studies)

  • Thomas Crossley

    () (Institute for Fiscal Studies and University of Cambridge)

  • Carl Emmerson

    () (Institute for Fiscal Studies)

Abstract

Prices of real and financial assets fell substantially in the UK during 2008–09. The fourth wave of the English Longitudinal Study of Ageing (ELSA) was in the field throughout this ‘financial crisis’. We use these data and earlier ELSA waves first to document the effect of the crisis on the finances of those aged 50 and over in England, and second, to estimate the effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a significant wealth shocks, but these shocks led to modest spending effects and small revisions to expectations regarding future bequests. Expectations of bequests seem particularly tied to housing wealth.

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Bibliographic Info

Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W12/09.

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Date of creation: Apr 2012
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Handle: RePEc:ifs:ifsewp:12/09

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Keywords: consumption; expectations; financial crisis; wealth;

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  1. Michael Hurd & Susann Rohwedder, 2010. "Effects of the Financial Crisis and Great Recession on American Households," Working Papers 810, RAND Corporation Publications Department.
  2. Eric M. Engen & William G. Gale & Cori E. Uccello, 2005. "Effects Of Stock Market Fluctuations On The Adequacy Of Retirement Wealth Accumulation," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 51(3), pages 397-418, 09.
  3. Gabor Kezdi & Purvi Sevak, 2004. "Economic Adjustment of Recent Retirees to Adverse Wealth Shocks," Working Papers wp075, University of Michigan, Michigan Retirement Research Center.
  4. Dimitrios Christelis & Dimitris Georgarakos & Tullio Jappelli, 2011. "Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession," CSEF Working Papers 279, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 19 Oct 2011.
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