Consumption Patterns Among Aging Canadians: A Synthetic Cohort Approach
Lafrance, Amélie Larochelle-Côté, Sébastien
Economic Analysis (EA) Research Paper Series from Statistics Canada, Analytical Studies Branch
Studies of pre- and post-retirement annual income have focused on the extent to which income falls at this crucial stage in life. Although these studies vary in scope and intent, the overall consensus is that the Canadian retirement income system provides income replacement rates that are in the excess of 60% to 70% for a plurality of Canadians, especially for those who had low incomes during their prime working years. However, little has been published on the extent to which retirees maintain their same levels of consumption. Using data from the Survey of Family Expenditures (FAMEX) and from the Survey of Household Spending (SHS), this study develops a synthetic cohort approach to determine how the consumption patterns of households headed by individuals in their late 40s (in the early 1980s) differ from those of a group of households headed by individuals in their early 70s (in the late 2000s). It finds that, even though the nature of consumption changes over time, the overall levels of consumption "per adult" do not decline by substantial amounts among Canadians as they age.
Keywords: Income; pensions; spending and wealth; Seniors; Household assets; debts and wealth; Work and retirement (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:stc:stcp5e:2011067e
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