Financial Reasons for Working beyond the Statutory Retirement Age: Risk Factors and Associations with Health in Late Life

Denise Burkhalter, Aylin Wagner, Sonja Feer, Frank Wieber, Andreas Ihle and Isabel Baumann ()
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Denise Burkhalter: Institute of Public Health, ZHAW Zurich University of Applied Sciences, 8400 Winterthur, Switzerland
Aylin Wagner: Swiss Paraplegic Research, 6207 Nottwil, Switzerland
Sonja Feer: Institute of Public Health, ZHAW Zurich University of Applied Sciences, 8400 Winterthur, Switzerland
Frank Wieber: Institute of Public Health, ZHAW Zurich University of Applied Sciences, 8400 Winterthur, Switzerland
Andreas Ihle: Center for the Interdisciplinary Study of Gerontology and Vulnerability, University of Geneva, 1205 Geneva, Switzerland
Isabel Baumann: Institute of Public Health, ZHAW Zurich University of Applied Sciences, 8400 Winterthur, Switzerland

IJERPH, 2022, vol. 19, issue 17, 1-13

Abstract: Despite an increasing trend of working life prolongation, little is known about the risk factors for financial reasons for working beyond the statutory retirement age (SRA), and how these reasons relate to health. The present study examined (1) the determinants of working beyond the SRA, (2) the workers’ self-reported reasons for working beyond the SRA, and (3) the association between these reasons and health in late life. Cross-sectional data of 1241 individuals from the Swiss survey “Vivre/Leben/Vivere” were analyzed. The results showed that people with a low level of education and with a low income have an 80% higher risk of working beyond the SRA for financial reasons than for other reasons ( p < 0.001). Moreover, self-rated health was not significantly associated with working beyond the SRA for financial reasons but was significantly associated with education and income ( p < 0.01). In conclusion, while previous studies have already identified financial difficulties as one important reason for working beyond the SRA, the present study indicated the socioeconomic factors that are crucial for increasing the risk for working beyond the SRA. Thus, our results help to guide the adaptation of social policies for better maintaining and promoting the health of particularly vulnerable older workers.

Keywords: older workers; working life prolongation; reasons for retirement; socioeconomic inequality; public health; public policy reform (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jijerp:v:19:y:2022:i:17:p:10505-:d:895725

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