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Taking Back Control? Quasi-Experimental Evidence on the Impact of Retirement on Locus of Control

Author

Listed:
  • Andrew E. Clark

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Rong Zhu

    (Flinders University [Adelaide, Australia], IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics)

Abstract

We use Australian panel data to examine the impact of retirement on individual locus of control, a socio-emotional skill with substantial explanatory power for a broad range of life outcomes. Exploiting the eligibility age for the Australian Age Pension, we find that retirement leads to increased internal locus of control. This greater internal control explains around one-third and one-fifth of the positive effects of retirement on health and subjective well-being, respectively. We also show that locus of control is much more malleable at retirement than the other socio-emotional skills of the Big-Five personality traits, risk and time preferences, and trust.

Suggested Citation

  • Andrew E. Clark & Rong Zhu, 2024. "Taking Back Control? Quasi-Experimental Evidence on the Impact of Retirement on Locus of Control," Post-Print halshs-04639531, HAL.
    • Handle: RePEc:hal:journl:halshs-04639531
    DOI: 10.1093/ej/uead118
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    Cited by:

    1. Nguyen, Ha & Schurer, Stefanie & Mitrou, Francis, 2025. "The instability of locus of control: New evidence from the distributional effects of major life events," MPRA Paper 126016, University Library of Munich, Germany, revised Jul 2025.
    2. Kasinger, C. & Kriechel, L. & Hahm, S. & Reinwarth, A. & Strauss, B. & Beutel, M. & Brähler, E. & Altweck, L., 2025. "Trajectories of health-related quality of life across age cohorts: A longitudinal analysis of the German population over 16 years," Social Science & Medicine, Elsevier, vol. 366(C).
    3. Nguyen, Ha Trong & Mitrou, Francis, 2025. "Extreme weather events, home damage, and the eroding locus of control," Ecological Economics, Elsevier, vol. 235(C).
    4. Ha Trong Nguyen & Schurer, Stefanie & Mitrou, Francis, 2024. "The (in)stability of locus of control: New insights from distributional effects of major life events," GLO Discussion Paper Series 1532, Global Labor Organization (GLO).

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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