Citation

Discussion Paper Details

Please find the details for DP47 in an easy to copy and paste format below:

Full Details   |   Bibliographic Reference

Full Details

Title: The Economics of Old Age in Britain: A Long-Run View, 1881-1981

Author(s): Paul A Johnson

Publication Date: February 1985

Keyword(s): Old Age, Retirement, Saving and UK Economic History

Programme Area(s): Human Resources

Abstract: The substantial rise in the proportion of elderly (65+) people in the British population over the last hundred years has been matched by a dramatic fall in labour-force participation rates among the elderly. Some commentators see the reduction in work opportunities for the eldery and their increasing reliance on state pensions to avoid poverty as a deliberate construct of successive governments. This paper shows that the economic dependency of the elderly is more clearly a function of long-established employment practices and patterns of asset accumulation. Information drawn from the decennial censuses since 1881 on the occupations of elderly males shows a consistent marginalization of elderly workers in low-wage, low-status occupations. Data on asset-holdings demonstrate that the elderly have a high probability of spending their last years in poverty. This casts doubt on the appropriateness of the life-cycle savings model as a description of the savings behaviour of most workers in 20th century Britain.

For full details and related downloads, please visit: https://cepr.org/active/publications/discussion_papers/dp.php?dpno=47

Bibliographic Reference

Johnson, P. 1985. 'The Economics of Old Age in Britain: A Long-Run View, 1881-1981'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=47