Arbeitspapier
The effect of the financial crisis on older households in England
Prices of real and financial assets fell substantially in the UK during 2008-09. The fourth wave of the English Longitudinal Study of Ageing (ELSA) was in the field throughout this 'financial crisis'. We use these data and earlier ELSA waves first to document the effect of the crisis on the finances of those aged 50 and over in England, and second, to estimate the effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a significant wealth shocks, but these shocks led to modest spending effects and small revisions to expectations regarding future bequests. Expectations of bequests seem particularly tied to housing wealth.
- Language
-
Englisch
- Bibliographic citation
-
Series: IFS Working Papers ; No. W12/09
- Classification
-
Wirtschaft
Consumer Economics: Empirical Analysis
Household Saving; Personal Finance
Macroeconomics: Consumption; Saving; Wealth
Financial Crises
Portfolio Choice; Investment Decisions
- Subject
-
consumption
expectations
financial crisis
wealth
- Event
-
Geistige Schöpfung
- (who)
-
Banks, James
Crawford, Rowena
Crossley, Thomas
Emmerson, Carl
- Event
-
Veröffentlichung
- (who)
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Institute for Fiscal Studies (IFS)
- (where)
-
London
- (when)
-
2012
- DOI
-
doi:10.1920/wp.ifs.2012.1209
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Banks, James
- Crawford, Rowena
- Crossley, Thomas
- Emmerson, Carl
- Institute for Fiscal Studies (IFS)
Time of origin
- 2012
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