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Centre for Policy on Ageing | |
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Financial security in old age - the myth of welfarism?
— results from the Danish Longitudinal Future Study | | Author(s) | George W Leeson |
| Journal title | Hallym International Journal of Aging, vol 7, no 2, 2005 |
| Pages | pp 165-176 |
| Source | http://baywood.com |
| Keywords | Pensions ; Preparation [retirement] ; Social welfare ; Attitude ; Longitudinal surveys ; Denmark. |
| Annotation | The ageing of the population in Denmark has led to both political and financial deliberations in respect of the intergenerational social contract. The increase in the number of older people and thus in the number of older people in receipt of income transfers has produced intense debate and research with regard to the ability and mechanisms to finance these transfers for the future generations of older people. In addition, the proliferation of private and occupational pension schemes in some groups has led to a welfarism fear of polarization of the older generations. Since 1987, the Danish Longitudinal Future Study (DLFS) has followed in three waves four generations originally aged 40-64 years, analysing and elucidating among other things their attitudes and expectations to and provisions for financial security in later life, and their perceptions of the financial situation of people in later life as well as their own intergenerational solidarity. In Denmark, with its universal tax-financed old age pension based on residence rather than labour market affiliation, the realisation that financial security in old age may increasingly be one's own responsibility rather than a natural pillar of the intergenerational social contract is taking root. Thus, the DLFS reveals that almost 30% of the 75-79 year old generation also receives an occupational pension, while 15% have a private pension. In addition, over 80% of those aged 45-49 years are members of an occupational pension scheme. Despite the doomsday prophesies of some politicians and economists, the large majority of future generations of older people in Denmark expect their standard of living after retirement from work to remain unchanged or worsen only slightly. This article presents the results of the study in respect of financial security in later life, and considers the policy implications of the results. The article focuses on provision for financial security in old age, on expectations to living standards in old age, and on attitudes to state provision in old age. (KJ/RH). |
| Accession Number | CPA-070814216 A |
| Classmark | JJ: GA: TY: DP: 3J: 76K |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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