Income, wealth and financial fragility in Europe
This article outlines how the aging population will be a major determinant of long-term economic development in Europe, deeply affecting future labour and financial markets. The study offers international comparisons of income and wealth among European elderly households. It recognizes the expected strain on public budgets and highlights how research is vitally important for the development of policy to deal with the effects of this growing demographic.
The article examines the distribution of income and wealth among the generation of Europeans aged 65 and over, using data drawn from the first wave of the Survey of Health, Ageing and Retirement in Europe (SHARE). It looks at how cross-country comparisons of income, wealth and debt are affected by differences in purchasing power, household size and taxation, and shows that some seemingly wide international differences appear less so when the proper adjustments are made. The article reveals wide differences in income, wealth and indebtedness of elderly households in Europe, and provides background information on social issues such as the adequacy of savings at retirement, and the financial fragility of the elderly.
Title: Income, wealth and financial fragility in Europe
Authors: Dimitrios Christelis , Tullio Jappelli, Omar Paccagnella and Guglielmo Weber
From: Journal of European Social Policy, Vol. 19, No. 4,