Financial dimensions of wellbeing among older people David Hayes - - PowerPoint PPT Presentation

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7 June 2013 Financial dimensions of wellbeing among older people David Hayes Personal Finance Research Centre University of Bristol www.pfrc.bris.ac.uk/esrc 1 Who we are Independent social research centre Credit use and

SLIDE 1

Financial dimensions of wellbeing among

lder people

David Hayes Personal Finance Research Centre University of Bristol

1 www.pfrc.bris.ac.uk/esrc

7 June 2013

SLIDE 2

Who we are

Independent social research centre
Credit use and overindebtedness; financial

exclusion; financial capability and wellbeing

Quantitative and qualitative research
Expertise with large-scale datasets
Research usually funded by government,

charities and industry

www.pfrc.bris.ac.uk/esrc 2

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This research

Collaboration with ILC-UK
Think tank on longevity and demographic change
Methodological expertise (Kelvyn Jones, CMM)
Methodology employs a synthesis of datasets:
BSFC; ELSA; EU-SILC; LCF; US; WAS; WVS...
...and two qualitative datasets

www.pfrc.bris.ac.uk/esrc 3

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Research Questions

1. What are the dominant patterns of expenditure among older

people and what explains these?

2. How do patterns of consumer borrowing, over-indebtedness and

financial inclusion vary into and beyond retirement?

3. What are the main components of wealth among older people

and how do these vary into and beyond retirement?

4. What is the relationship between financial well-being and quality
f life among older people?

www.pfrc.bris.ac.uk/esrc 4

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RQ1: What are the dominant patterns of expenditure among older people and what explains these?

Describe average expenditure by age group and
ther key variables of interest (descriptive);
Segment older households based on their

patterns of expenditure (cluster analysis);

Interpret the clusters (descriptive/multinomial

logistic regression analysis).

www.pfrc.bris.ac.uk/esrc 5

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Dissemination

Four peer-reviewed journal articles
National and international conferences
Accepted: BSPS; RGS; BSG; LCF. Pending: IFA; GSA
Website and social media
Party conferences; APPGs; blogs
Launch event for final report in Westminster

www.pfrc.bris.ac.uk/esrc 6

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What’s exciting about this research?

Mixed-methods; synthesising numerous datasets
Add granularity of information
Broaden understanding/extend discourses
Situate financial wellbeing in Q.o.L measures
Innovative dissemination strategy with ILC-UK
Strong policy and practice links; social media

www.pfrc.bris.ac.uk/esrc 7

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Questions and further discussion

www.pfrc.bris.ac.uk/esrc 8

www.bris.ac.uk/geography/research/pfrc/esrc/
david.hayes@bristol.ac.uk
@PFRC_David @ILCUK @PFRC_UK

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Extra Slide 1: Equivalised expenditure by age

Overall expenditure decreases with age
From £286 (50-54s) to £160 (80+)
Proportion spent on
Food & non-alc. drink increases with age (12-19%)
Housing, fuel & power doubles (12-24%)
Communication remains constant (3%)

www.pfrc.bris.ac.uk/esrc 9

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Extra Slide 2: Further findings

The proportion spent on:
Clothing & footwear halves from 6% to 3%
Transport decreases from 18% to 7%
Recreation drops from 16% to 11%
Little variation in expenditure on alcohol &