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The Economics of Old Age in Britain: A Long-Run View, 1881-1981

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  • Johnson, Paul A

Abstract

The substantial rise in the proportion of elderly (65+) people in the British population over the last hundred years has been matched by a dramatic fall in labour-force participation rates among the elderly. Some commentators see the reduction in work opportunities for the eldery and their increasing reliance on state pensions to avoid poverty as a deliberate construct of successive governments. This paper shows that the economic dependency of the elderly is more clearly a function of long-established employment practices and patterns of asset accumulation. Information drawn from the decennial censuses since 1881 on the occupations of elderly males shows a consistent marginalization of elderly workers in low-wage, low-status occupations. Data on asset-holdings demonstrate that the elderly have a high probability of spending their last years in poverty. This casts doubt on the appropriateness of the life-cycle savings model as a description of the savings behaviour of most workers in 20th century Britain.

Suggested Citation

  • Johnson, Paul A, 1985. "The Economics of Old Age in Britain: A Long-Run View, 1881-1981," CEPR Discussion Papers 47, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:47
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    Cited by:

    1. Palacios,Robert J., 1996. "Averting the old-age crisis : technical annex," Policy Research Working Paper Series 1572, The World Bank.
    2. Erlend Berg, 2011. "Funeral insurance," CSAE Working Paper Series 2011-16, Centre for the Study of African Economies, University of Oxford.

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