The English Longitudinal Study of Ageing (ELSA) is a panel study of a representative cohort of men and women living in England aged ≥50 years. It was designed as a sister study to the Health and Retirement Study in the USA and is multidisciplinary in orientation, involving the collection of economic, social, psychological, cognitive, health, biological and genetic data. The study commenced in 2002, and the sample has been followed up every 2 years. Data are collected using computer-assisted personal interviews and self-completion questionnaires, with additional nurse visits for the assessment of biomarkers every 4 years. The original sample consisted of 11 391 members ranging in age from 50 to 100 years. ELSA is harmonized with ageing studies in other countries to facilitate international comparisons, and is linked to financial and health registry data. The data set is openly available to researchers and analysts soon after collection (http://www.esds.ac.uk/longitudinal/access/elsa/l5050.asp).
Loneliness and social isolation may affect health independently through their effects on health behaviors. In addition, social isolation may also affect health through biological processes associated with the development of cardiovascular disease.
American adults are less healthy than Europeans at all wealth levels. The poorest Americans experience the greatest disadvantage relative to Europeans.
This paper examines the extent to which cognitive abilities relate to differences in trajectories for key economic outcomes as individuals move towards and through their retirement. We look at whether differences in baseline numeracy (measured in the English Longitudinal Study of Ageing in 2002) and broader cognitive ability predict the subsequent trajectories of outcomes such as wealth, retirement income and key dimensions of retirement expectations. Those with lower numeracy are shown to have different wealth trajectories both pre- and post-retirement than their more numerate counterparts, but the distributions of retirement expectations and net replacement rates are similar across numeracy groups.
In this paper we model the evolution of income risk and consumption growth. We decompose the time series innovation of the income process into its common and cohort-specific components. From these we compute conditional variances which are used as separate risk terms in a consumption growth equation. Using a long series of British household data we exploit the time-series variation to identify precautionary saving effects and find strong evidence of their importance. Specifically, after allowing for demographic and labour market status, there is an independent role for income risk in explaining consumption growth. Rather than the component that is common across cohorts, however, it is the cohort-specific element that is important in determining changes in consumption growth. This result points to a failure of between-cohort insurance mechanisms.
In this paper we exploit the 1947 change to the minimum school-leaving age in England from 14 to 15, to evaluate the causal effect of a year of education on cognitive abilities at older ages. We use a regression discontinuity design analysis and find a large and significant effect of the reform on males’ memory and executive functioning at older ages, using simple cognitive tests from the English Longitudinal Survey on Ageing (ELSA) as our outcome measures. This result is particularly remarkable since the reform had a powerful and immediate effect on about half the population of 14-year-olds. We investigate and discuss the potential channels by which this reform may have had its effects, as well as carrying out a full set of sensitivity analyses and robustness checks.
In a world of declining state pension provision, it is becoming increasingly important that individuals are able to understand the financial choices they face and can choose savings products, portfolios and contribution rates accordingly. In this paper, we look at numerical ability and other dimensions of cognitive function in a sample of older adults in England and examine the extent to which these abilities are correlated with various measures of wealth and retirement saving outcomes. As well as finding that relatively large fractions of the older population can be seen to have low levels of numeracy, we show that numeracy levels are strongly correlated with measures of retirement saving and investment portfolios, even when controlling for other dimensions of cognitive ability as well as educational attainment. Numeracy is also related to knowledge and understanding of
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