The Role of Health and Age in Financial Preparations for Later Life
AbstractThis paper concerns the self insurance preparations that people make for later life. Policy changes to the Canadian pension, old age security, and health care systems mean that the financial preparations that people make are becoming increasingly important as vehicles to economic independence in later life. Data from the Statistics Canada's Survey on Ageing and Independence are used to investigate the role of health and age in the financial preparations that households make for later life including contributions to RRSPs, savings, other investments, major purchases and access to company pension plans. Data are analyzed using logistic regression. Findings indicate that compared to respondents in poor health, respondents in better health are more likely to have made financial preparations for retirement. Having an activity limitation is associated with increasing odds of making other investments, paying off debts and making other purchases. Middle aged respondents (age 50-64) are more likely to have made RRSP contributions than both their younger and older counterparts. However, the older respondents were more likely to have built up savings, made other investments and paid off or avoided debts. The implications for policy are discussed.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by McMaster University in its series Independence and Economic Security of the Older Population Research Papers with number 21.
Length: 35 pages
Date of creation: Nov 1997
Date of revision:
Contact details of provider:
Postal: 1280 Main Street West, Hamilton, Ontario, L8S 4M4
Phone: (905) 525-9140 ext. 22765
Fax: (905) 521-8232
Web page: http://www.mcmaster.ca/economics/
More information through EDIRC
SAI; health; age; financial preparations;
Find related papers by JEL classification:
- I12 - Health, Education, and Welfare - - Health - - - Health Production
This paper has been announced in the following NEP Reports:
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.