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Pension Insecurity and Wellbeing in Europe
[journal article]
Abstract This paper studies pension insecurity in a sample of non-retired individuals aged 50 years or older from 18 European countries. We capture pension insecurity with the subjective expectations on the probability that the government will reduce the pensions of the individual before retirement or will i... view more
This paper studies pension insecurity in a sample of non-retired individuals aged 50 years or older from 18 European countries. We capture pension insecurity with the subjective expectations on the probability that the government will reduce the pensions of the individual before retirement or will increase the statutory retirement age. We argue that changes in economic conditions and policy affect the formation of such probabilities, and through this, subjective wellbeing. In particular, we study the effects of pension insecurity on subjective wellbeing with pooled linear models, regressions per quintiles and instrumental variables. We find a statistically significant, stable and negative association between pension insecurity and subjective wellbeing. Our findings reveal that the individuals who are more affected by pension insecurity are those who are further away from their retirement, have lower income, assess their life survival as low, have higher cognitive abilities and do not expect private pension payments.... view less
Keywords
Europe; poverty; elderly; retirement age; pension claim; pension policy; retirement planning; social security; satisfaction with life; well-being
Classification
Social Security
Document language
English
Publication Year
2017
Page/Pages
p. 517-542
Journal
Journal of Social Policy, 46 (2017) 3
DOI
https://doi.org/10.1017/S0047279416000787
ISSN
1469-7823
Status
Postprint; peer reviewed
Licence
Deposit Licence - No Redistribution, No Modifications