Debt and Financial Vulnerability on the Verge of Retirement

Annamaria Lusardi (), Olivia Mitchell and Noemi Oggero

No 23664, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We analyze older individuals’ debt and financial vulnerability using data from the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS). Specifically, in the HRS we examine three different cohorts (individuals age 56–61) in 1992, 2004, and 2010 to evaluate cross-cohort changes in debt over time. We also use two waves of the NFCS (2012 and 2015) to gain additional insights into debt management and older individuals’ capacity to shield themselves against shocks. We show that recent cohorts have taken on more debt and face more financial insecurity, mostly due to having purchased more expensive homes with smaller down payments.

JEL-codes: D14 D15 (search for similar items in EconPapers)
Date: 2017-08
New Economics Papers: this item is included in nep-age and nep-fle
Note: AG
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Citations: View citations in EconPapers (13)

Published as ANNAMARIA LUSARDI & OLIVIA S. MITCHELL & NOEMI OGGERO, 2020. "Debt and Financial Vulnerability on the Verge of Retirement," Journal of Money, Credit and Banking, vol 52(5), pages 1005-1034.

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Related works:
Journal Article: Debt and Financial Vulnerability on the Verge of Retirement (2020)
Working Paper: Debt and Financial Vulnerability on the Verge of Retirement (2017)
Working Paper: Debt and financial vulnerability on the verge of retirement (2017)
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