State pensions and the well-being of the elderly in the UK
This paper presents the trends seen over the last quarter of the 20th Century in various indicators of the well-being of the elderly alongside those seen for the young. Specifically we look at measures of both the level and distribution of income and expenditure, and self-reported measures of life satisfaction and health. We then exploit the substantial reforms to the UK pension system over this period to examine the impact of reforms to state pensions on these outcomes. We find that increases in the generosity of state pensions have led to increased incomes of the elderly and reductions in measures of both relative and absolute income poverty. We also find that increased state pensions have led to increased expenditure by the elderly. It is perhaps not surprising that in the UK the reforms to the generosity of state pensions have affected outcomes among the elderly (instead of being fully offset by individuals when they were younger) given that often very little (pre-retirement) notice was given, and that some of the reforms were of a substantial magnitude.
|Date of creation:||Aug 2006|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (+44) 020 7291 4800
Fax: (+44) 020 7323 4780
Web page: http://www.ifs.org.uk
More information through EDIRC
|Order Information:|| Postal: The Institute for Fiscal Studies 7 Ridgmount Street LONDON WC1E 7AE|
When requesting a correction, please mention this item's handle: RePEc:ifs:ifsewp:06/14. See general 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: (Stephanie Seavers)
If references are entirely missing, you can add them using this form.