I can't forget about U: lifetime unemployment and retirement wellbeing

Andrew Clark () and Anthony Lepinteur
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Andrew Clark: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris

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Abstract: It is well known that unemployment leaves scars after re-employment, but does this scarring effect persist even after retirement? We analyse European data on retirees from the SHARE panel, and show that the wellbeing of the retired continues to reflect the unemployment that they experienced over their working life. These scarring effects are somewhat smaller for older retirees, but larger for those who arguably had higher expectations regarding the labour market when they were active. The lower wellbeing from lifetime unemployment does not reflect lower retirement income. This long-run scarring for those who have left the labour market underlines that contemporaneous correlations significantly underestimate the wellbeing cost of unemployment.

Date: 2025-10
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Published in Economica, 2025, 92 (368), pp.1083-1100. ⟨10.1111/ecca.70007⟩

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Related works:
Journal Article: I can't forget about U: lifetime unemployment and retirement wellbeing (2025)
Working Paper: I can't forget about U: lifetime unemployment and retirement wellbeing (2025)
Working Paper: I Can't Forget About U: Lifetime Unemployment and Retirement Well-being (2024)
Working Paper: I Can't Forget About U: Lifetime Unemployment and Retirement Well-being (2024)
Working Paper: I Can't Forget about U: Lifetime Unemployment and Retirement Well-Being (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-05368652

DOI: 10.1111/ecca.70007

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