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Home-Ownership and Pensions: Negative Correlation, but No Trade-off

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  • Neda Delfani
  • Johan De Deken
  • Caroline Dewilde

Abstract

This paper qualifies the role of home-ownership as an income complement for the elderly by taking the institutional context into account. We argue that a strategy of asset-based welfare focused on the promotion of home-ownership is not universally applicable, but depends on how housing and pension provision are organised. Based on the extent of commodification in housing and pensions, we distinguish four types of institutional contexts. We argue that, since relying on housing wealth as a pension essentially boils down to a market-based approach to welfare provision, this strategy is more likely to occur when both housing and pensions are largely commodified, which is only the case in the liberal welfare states. The conclusion of a trade-off between the rate of home-ownership and spending on pensions often referred to in prior work is unlikely to hold universally when differences between housing and pension provision across contexts are taken into account.

Suggested Citation

  • Neda Delfani & Johan De Deken & Caroline Dewilde, 2014. "Home-Ownership and Pensions: Negative Correlation, but No Trade-off," Housing Studies, Taylor & Francis Journals, vol. 29(5), pages 657-676, July.
    • Handle: RePEc:taf:chosxx:v:29:y:2014:i:5:p:657-676
    DOI: 10.1080/02673037.2014.882495
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    References listed on IDEAS

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    1. Pablo Antolín, 2008. "Coverage of Funded Pension Plans," OECD Working Papers on Insurance and Private Pensions 19, OECD Publishing.
    2. Ebbinghaus, Bernhard (ed.), 2011. "The Varieties of Pension Governance: Pension Privatization in Europe," OUP Catalogue, Oxford University Press, number 9780199586028, Decembrie.
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    Cited by:

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    2. Rachel Ong & Gavin A Wood & Melek Cigdem, 2022. "Housing wealth, mortgages and Australians’ labour force participation in later life," Urban Studies, Urban Studies Journal Limited, vol. 59(4), pages 810-833, March.
    3. Holzmann, Robert & Ayuso, Mercedes & Alaminos, Estefanía & Bravo, Jorge Miguel, 2019. "Life Cycle Saving and Dissaving Revisited across Three-Tiered Income Groups: Starting Hypotheses, Refinement through Literature Review, and Ideas for Empirical Testing," IZA Discussion Papers 12655, Institute of Labor Economics (IZA).
    4. Eugeniya Malinskaya & Konstantin A. Kholodilin, 2022. "Stimulating Housing Policy and Housing Tenure Choice: Evidence from the G7 Countries," Discussion Papers of DIW Berlin 1997, DIW Berlin, German Institute for Economic Research.
    5. Edyta Marcinkiewicz & Filip Chybalski, 2022. "Is There a Trade-off between Housing and Pension System Generosity? Empirical Evidence from the Luxembourg Wealth Study," LWS Working papers 37, LIS Cross-National Data Center in Luxembourg.

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