Articlebronze2011

Quantifying the effect of early retirement on the wealth of individuals with depression or other mental illness

DEBORAH J. SCHOFIELD · Rupendra N. Shrestha · Richard Percival · Simon Kelly · Megan Elizabeth Passey · Emily Joy Callander

42 citations0/0 files storedThe British Journal of Psychiatry

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Retirement, Disability, and Employment Financial Literacy, Pension, Retirement Analysis Mental Health Treatment and Access

Abstract

BACKGROUND: In addition to the health burden caused by mental illnesses, these conditions contribute to economic disadvantage because of their impact on labour force participation. AIMS: To quantify the cost of lost savings and wealth to Australians aged 45-64 who retire from the labour force early because of depression or other mental illness. METHOD: Cross-sectional analysis of the base population of Health&WealthMOD, a microsimulation model built on data from the Australian Bureau of Statistics' Survey of Disability, Ageing and Carers and STINMOD, an income and savings microsimulation model. RESULTS: People who are not part of the labour force because of depression or other mental illness have 78% (95% CI 92.2-37.1) and 93% (95% CI 98.4-70.5) less wealth accumulated respectively, compared with people of the same age, gender and education who are in the labour force with no chronic health condition. People who are out of the labour force as a result of depression or other mental illness are also more likely to have the wealth that they do have in cash assets, rather than higher-growth assets such as superannuation, home equity and other financial investments. CONCLUSIONS: This lower accumulated wealth is likely to result in lower living standards for these individuals in the future. This will compound the impact of their condition on their health and quality of life, and put a large financial burden on the state as a result of the need to provide financial assistance for these individuals.

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References

2007The burden of disease and injury in Australia 2003 2003Portfolio Choice and Health Status 2003Wealth Accumulation Over the Life Cycle and Precautionary Savings 2000The mental health of Australians 1999Modelling the Impact of Demographic Change Upon the Economy 2009New Horizons: A shared vision for mental health 1994What Price Depression?2004The Burden of Major Depression Avoidable by Longer-term Treatment Strategies

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2015Lost productive life years caused by chronic conditions in Australians aged 45–64 years, 2010–2030 2011The personal and national costs of mental health conditions: impacts on income, taxes, government support payments due to lost labour force participation 2013Multiple Chronic Health Conditions and Their Link with Labour Force Participation and Economic Status 2017It can work: Open employment for people with experience of mental illness 2011How depression and other mental health problems can affect future living standards of those out of the labour force

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