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What makes people anxious about life after the age of 65? Evidence from international survey research in Japan, the United States, China, and India

2015; Springer Science+Business Media; Volume: 14; Issue: 2 Linguagem: Inglês

10.1007/s11150-015-9310-0

1573-7152

Yoshihiko Kadoya,

Financial Literacy, Pension, Retirement Analysis

This study investigated the causes of people's anxieties about life after the age of 65 years, using household data from countries with different social contexts: Japan, the United States, China, and India. This research added contextual aspects to the literature on social security and precautionary savings. An ordered probit model was used to establish the causes of anxiety and a generalized structural equation model was used to check the robustness of the results. This study uncovered three major findings. First, anxiety levels about life at an older age partly depend on people's views of the future. Second, high financial status lessens people's anxiety levels only if prices are stable. Third, living with a child, contrary to expectations, does not necessarily lessen people's concerns about life after 65.