How does financial insecurity impact later life and retirement? Who is financially insecure over the life-course? Who should prioritise short-term income over long-term pension saving?
Background
This encompasses priorities around:
- reducing the percentage of pensioners in absolute low income after housing costs
- Increasing the total number of people automatically enrolled in workplace pensions and building retirement savings
- continuing to explore how to make it easier for self-employed people to save for retirement
Next steps
Send correspondence and further questions to evidence.strategyteam@dwp.gov.uk.
Source
This question was published as part of the set of ARIs in this document:
Research fields
Related UKRI funded projects
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The adequacy and optimality of retirement provision: household behaviour and the design of pensions
The UK is currently in the midst of sweeping changes to both state pension provision and private pension arrangements. Recent policy reforms include the introduction of the 'new state pension' from April 2016, further in...
Funded by: ESRC
Why might this be relevant?
The project explores the implications of policy reforms on household saving and retirement decisions, which directly relates to the question about the impact of financial insecurity on later life and retirement.
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Understanding the role of liquid wealth, family financial transfers, and pensions in household insurance
Context Households might need to save for two primary reasons: to insure themselves against adverse events, and to provide resources in retirement. While standard economic models often assume that individuals are able t...
Funded by: ESRC
Why might this be relevant?
The project examines the drivers and consequences of financial transfers and the difference new pension flexibilities could make to retirement resources, which partially addresses the question.
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Financial dimensions of well-being in older age
As a growing part of the population, older people are increasingly important to the UK economy. It has been estimated, for example, that people over the age of 65 spend more than £100 billion per year, which accoun...
Funded by: ESRC
Why might this be relevant?
The project investigates the financial dimensions of well-being among older people, including their savings, spending, and access to financial services, which partially addresses the question.