Abstract
The questionable ability of the U.S. pension system to provide for the growing elderly population combined with the rising number of people affected by depression and other mental health issues magnifies the need to understand how these household characteristics affect retirement. Mental health problems have a large and significant negative effect on retirement savings. Specifically, psychological distress is associated with decreasing the probability of holding retirement accounts by as much as 24 percentage points and decreasing retirement savings as a share of financial assets by as much as 67 percentage points. The magnitude of these effects underscores the importance of employer management policy and government regulation of these accounts to help ensure households have adequate retirement savings.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 404-425 |
| Number of pages | 22 |
| Journal | Health Economics (United Kingdom) |
| Volume | 27 |
| Issue number | 2 |
| DOIs | |
| State | Published - Feb 1 2018 |
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Keywords
- depression
- household finance
- mental health
- retirement savings
- social security
PubMed: MeSH publication types
- Journal Article
Cite this
Mental health and retirement savings : Confounding issues with compounding interest. / Bogan, Vicki L.; Fertig, Angela R.
In: Health Economics (United Kingdom), Vol. 27, No. 2, 01.02.2018, p. 404-425.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - Mental health and retirement savings
T2 - Confounding issues with compounding interest
AU - Bogan, Vicki L.
AU - Fertig, Angela R.
PY - 2018/2/1
Y1 - 2018/2/1
N2 - The questionable ability of the U.S. pension system to provide for the growing elderly population combined with the rising number of people affected by depression and other mental health issues magnifies the need to understand how these household characteristics affect retirement. Mental health problems have a large and significant negative effect on retirement savings. Specifically, psychological distress is associated with decreasing the probability of holding retirement accounts by as much as 24 percentage points and decreasing retirement savings as a share of financial assets by as much as 67 percentage points. The magnitude of these effects underscores the importance of employer management policy and government regulation of these accounts to help ensure households have adequate retirement savings.
AB - The questionable ability of the U.S. pension system to provide for the growing elderly population combined with the rising number of people affected by depression and other mental health issues magnifies the need to understand how these household characteristics affect retirement. Mental health problems have a large and significant negative effect on retirement savings. Specifically, psychological distress is associated with decreasing the probability of holding retirement accounts by as much as 24 percentage points and decreasing retirement savings as a share of financial assets by as much as 67 percentage points. The magnitude of these effects underscores the importance of employer management policy and government regulation of these accounts to help ensure households have adequate retirement savings.
KW - depression
KW - household finance
KW - mental health
KW - retirement savings
KW - social security
UR - http://www.scopus.com/inward/record.url?scp=85044444579&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85044444579&partnerID=8YFLogxK
U2 - 10.1002/hec.3579
DO - 10.1002/hec.3579
M3 - Article
VL - 27
SP - 404
EP - 425
JO - Health Economics (United Kingdom)
JF - Health Economics (United Kingdom)
SN - 1057-9230
IS - 2
ER -