TY - JOUR
T1 - Financial Market Participation and Retirement Age of the UK Population
AU - Boado-Penas, M. Carmen
AU - Nave, Juan M.
AU - Toscano, David
N1 - Funding Information:
This study was funded by the Spanish Government MCIN/AEI/10.13039/501100011033, Grant PID2020—114563GB-I00, and Research Projects UHUPI00005-1085 for the promotion of basic knowledge—Research and Transfer Policy Strategy 2021 at University of Huelva (Spain).
Publisher Copyright:
© 2023 by the authors.
PY - 2023/3
Y1 - 2023/3
N2 - Recently, many papers have shown evidence of a positive association between financial market participation and wealth holdings. It is often claimed that individuals with a higher level of financial market participation exhibit a higher propensity for planning retirement. In their planning process, individuals seek to achieve an optimal wealth level before their retirement by considering both their average saving rate and their retirement age. In this paper, we tested whether UK individuals with a higher level of financial market participation and, therefore, with a higher propensity for planning retirement were more likely to delay their retirement age than individuals with lower financial participation. On the basis of regression analyses using the English Longitudinal Study of Aging (ELSA) database for waves 1–6, our results support the hypothesis of a positive relationship between financial market participation and retirement age, reinforcing previous results.
AB - Recently, many papers have shown evidence of a positive association between financial market participation and wealth holdings. It is often claimed that individuals with a higher level of financial market participation exhibit a higher propensity for planning retirement. In their planning process, individuals seek to achieve an optimal wealth level before their retirement by considering both their average saving rate and their retirement age. In this paper, we tested whether UK individuals with a higher level of financial market participation and, therefore, with a higher propensity for planning retirement were more likely to delay their retirement age than individuals with lower financial participation. On the basis of regression analyses using the English Longitudinal Study of Aging (ELSA) database for waves 1–6, our results support the hypothesis of a positive relationship between financial market participation and retirement age, reinforcing previous results.
KW - business cycle
KW - financial market participation
KW - retirement age
KW - wealth
UR - http://www.scopus.com/inward/record.url?scp=85151083900&partnerID=8YFLogxK
U2 - 10.3390/ijfs11010037
DO - 10.3390/ijfs11010037
M3 - Article
SN - 2227-7072
VL - 11
JO - International Journal of Financial Studies
JF - International Journal of Financial Studies
IS - 1
M1 - 37
ER -