
Winner of the 2022 Kulp-Wright Book Award from the American Risk and Insurance Association.Around the world, people nearing and entering retirement are holding ever-greater levels of debt than in the past. This is not a benign situation, as many pre-retirees and retirees are stressed about their indebtedness. Moreover, this growth in debt among the older population may render retirees vulnerable to financial shocks, medical care bills, and changes in interest rates. Contributors to this volume explore key aspects of the rise in debt across older cohorts, drill down into the types of debt and reasons for debt incurred by the older population, and review policies to remedy some of the financial problems facing older persons, in the US and elsewhere. The authors explore which groups are most affected by debt and identify the factors producing this important increase in leverage at older ages.It is clear that the economic and market environment is influential when it comes to saving and debt. Access to easy borrowing, low interest rates, and the rising cost of education have had significant impacts on how much people borrow, and how much debt they carry at older ages. In this environment, the capacity to manage debt is ever more important as older workers lack the opportunity to recover from mistakes.
This volume investigates the systemic causes and economic consequences of rising debt levels among aging populations in the United States and abroad. Editors Annamaria Lusardi and Olivia Mitchell, both prominent scholars in the field of financial literacy and pension economics, assemble a collection of expert contributions to analyze how increased leverage impacts the financial security of pre-retirees. The text evaluates the intersection of macroeconomic trends, such as rising education costs and interest rate fluctuations, with individual financial decision-making to explain why older cohorts are increasingly vulnerable to economic shocks.
What You Will Find
Experts recognize this volume as a critical resource for understanding the shifting landscape of retirement security in a modern economy. The text is frequently cited for its rigorous academic approach and its utility for policymakers and financial researchers seeking to address the growing crisis of debt in later life.
Page Count:
304
Publication Date:
2020-12-24
Publisher:
Oxford University Press
ISBN-10:
0198867522
ISBN-13:
9780198867524
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