Article2018

The Changing Face of Debt and Financial Fragility at Older Ages

Annamaria Lusardi · Olivia S. Mitchell · Noemi Oggero

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Financial Literacy, Pension, Retirement Analysis Aging, Elder Care, and Social Issues Retirement, Disability, and Employment

Abstract

We investigate changes in older individuals' financial fragility as they stand on the verge of retirement. Using data from the Health and Retirement Study (HRS), we compare how debt has changed for successive cohorts of people age 56–61. Our analysis shows that recent older Americans close to retirement hold more debt, and hence face greater financial insecurity, than earlier generations. This is primarily due to having bought more expensive homes with smaller down payments. We discuss possible policy implications.

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References

2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 2006Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets 2011House Prices, Home Equity–Based Borrowing, and the US Household Leverage Crisis 2017Optimal Financial Knowledge and Wealth Inequality 1990Research on the Elderly: Economic Status, Retirement, and Consumption and Saving 2006Risk-based pricing of interest rates for consumer loans 2011Optimal Portfolio Choice over the Life Cycle with Flexible Work, Endogenous Retirement, and Lifetime Payouts 2009Changing Household Financial Opportunities and Economic Security

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