Article2010

The Financial Vulnerability of Individuals with Diabetes

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

40 citations0/0 files storedThe British Journal of Diabetes

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Retirement, Disability, and Employment Financial Literacy, Pension, Retirement Analysis Employment and Welfare Studies

Abstract

To quantify the impact of early retirement due to diabetes on the level and type of savings among those aged 45–64 years in Australia, the output dataset of the microsimulation model, Health&WealthMOD was analysed. Compared with those who are in full-time employment with no health condition, those who have retired early due to diabetes have significantly lower odds of owning any wealth (odds ratio 0.03, 95% confidence interval 0.00–0.30). Among those with any accumulated wealth, the value of this wealth is 90% less for people who are out of the labour force due to diabetes relative to those in full-time employment, after adjusting for age, sex and education (p=0.037). Retiring from the labour force early due to diabetes is likely to cause large financial stress in the future as not only have retired individuals lost an income stream from paid employment, but they also have little or no savings to draw upon.

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References

1998Economic Consequences of Diabetes Mellitus in the U.S. in 1997 2003Portfolio Choice and Health Status 2003Longevity and Life‐cycle Savings*2005The Impact of Diabetes on Employment and Work Productivity 1999Modelling the Impact of Demographic Change Upon the Economy 2010Global crises, global solutions 2005Economic Implications of an Ageing Australia 2008Chronic disease and labour force participation among older Australians

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2017Review of Financial Vulnerability Studies 2013Multiple Chronic Health Conditions and Their Link with Labour Force Participation and Economic Status 2022Financial Shocks, Financial Stress and Financial Resilience of Australian Households during COVID-19 2014The Impact of Diabetes on the Labour Force Participation and Income Poverty of Workers Aged 45–64 Years in Australia

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