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Centre for Policy on Ageing | |
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| Quantifying the effect of early retirement on the wealth of individuals with depression or other mental illness | | Author(s) | Deborah J Schofield, Rupendra N Shrestha, Richard Percival |
| Journal title | British Journal of Psychiatry, vol 198, no 2, February 2011 |
| Pages | pp 123-128 |
| Source | http://bjp.rcpsych.org |
| Keywords | Depression ; Early retirement ; Middle aged ; 50-59 age group ; 60-64 age group ; Income [older people] ; Wealth ; Australia. |
| Annotation | The study aimed to quantify the cost of lost savings and wealth to Australians aged 45-64 who retire from the labour force early because of depression or other mental illness. Findings showed that people who are not part of the labour force because of depression or other mental illness have 78% and 93% less wealth accumulated respectively, compared with people of the same age, gender and education who are in the labour force with no chronic health condition. People who are out of the labour force as a result of depression or other mental illness are also more likely to have the wealth that they do have in cash assets, rather than higher-growth assets such as superannuation, home equity and other financial investments. This lower accumulated wealth is likely to result in lower living standards for these individuals in the future, thereby placing a large financial burden on the state as a result of the need to provide financial assistance. (JL). |
| Accession Number | CPA-111115006 A |
| Classmark | ENR: G5M: SE: BBB: BBC: JF: W7: 7YA |
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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