What makes people anxious about life after the age of 65? Evidence from international survey research in Japan, the United States, China, and India
- 363 Downloads
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.
KeywordsAging policy Social security Future concern Precautionary saving Comparative studies
JEL ClassificationE21 H53 I38
This research used micro data from the Preference Parameters Study of Osaka University’s 21st Century COE Program ‘Behavioral Macrodynamics Based on Surveys and Experiments’ and its Global COE project ‘Human Behavior and Socioeconomic Dynamics’. I acknowledge the program/project’s contributors: Yoshiro Tsutsui, Fumio Ohtake, and Shinsuke Ikeda. This work was supported by JSPS KAKENHI Grant Number 15K17075. I thank Charles Yuji Horioka, Midori Wakabayashi, Wataru Kureishi, Shizuka Sekita, Keisuke Kawata, Eiji Mangyo, Sayaka Namamura, and Mostafa Khan for their valuable comments.
Compliance with ethical standards
Conflict of interest
This author declares that he has no conflict of interest.
- Browning, M., & Lusardi, A. (1996). Household saving: Micro theories and micro facts. Journal of Economic Literature, 34, 1797–1855.Google Scholar
- Daiichi-Life Insurance. (2012). Survey on preparation for own long-term care (Jibun no kaigo no junbi ni kansuru chousa). http://www.dai-ichi-life.co.jp/company/news/pdf/2011_068.pdf. Accessed July 5, 2014.
- Fichter, M. M., Narrow, W. E., Roper, M. T., Rehm, J., Elton, M., Rae, D. S., et al. (1996). Prevalence of mental illness in Germany and the United States: Comparison of the Upper Bavarian Study and the Epidemiologic Catchment Area program. Journal of Nervous and Mental Disease, 184, 598–606.CrossRefGoogle Scholar
- Hofstede, G. (1984). The cultural relativity of the quality of life concept. Academy of Management Review, 9(3), 389–398.Google Scholar
- Hofstede, G. (2001). Culture’s consequences: Comparing values, behaviors, institutions, and organizations across nations (2nd ed.). Beverly Hills, CA: Sage.Google Scholar
- Knight, F. (2010). Global house price index, Q1 2010. http://www.knightfrank.co.uk/news/House-prices-now-rising-in-more-than-half-of-countries-across-the-globe-0229.aspx. Accessed September 20, 2013.
- Knight, F. (2011). Global house price index, Q1 2011. http://www.knightfrank.com/news/Knight-Frank-Global-House-Price-Index-Q1-2011-results-0642.aspx. Accessed September 12, 2013.
- Ministry of Internal Affairs and Communications, Government of Japan. (2010). CPI: Consumer price index. http://www.stat.go.jp/english/index.htm. Accessed September 5, 2013.
- OECD. (2006). Long-term care for older people. Paris: Organisation for Economic Co-operation and Development.Google Scholar
- Starr-McCluer, M. (1996). Health insurance and precautionary saving. American Economic Review, 86, 285–295.Google Scholar
- United Nations. (2011). World population prospects. http://esa.un.org/wpp/unpp/panel_population.htm. Accessed September 3, 2013.