David Sturrock

In the UK, those born between the 1930s and 1950s have seen generation-on-generation increases in wealth, while those born more recently appear to have accumulated no more wealth than their predecessors had done by the same age.

While those born between the 1930s and 1950s have seen generation-on-generation increases in wealth levels, those born more recently look to have accumulated no more wealth than their predecessors had done by the same age. This has prompted concerns, and debate as to whether later-born generations are just frivolous with their money or have faced a harsher economic environment that is less conducive to accumulating wealth.

Delaying retirement has significant positive effects on the average cognition and physical mobility of women in England, at least in the short run. Exploiting the increase in employment of 60-63 year old women resulting from the increase in the female State Pension Age, we show that working substantially boosts performance on two cognitive tests, particularly for singles.

The “annuity puzzle” refers to the fact that annuities are rarely purchased despite the longevity insurance they provide. Most explanations for this puzzle assume that indi-viduals have accurate expectations about their future survival. We provide evidence that individuals misperceive their mortality risk, and study the demand for annuities in a setting where annuities are priced by insurers on the basis of objectively-measured survival probabilities but in which individuals make purchasing decisions based on their own subjective survival probabilities. Subjective expectations have the capacity to explain significant rates of non-annuitization, yielding a quantitatively important explanation for the annuity puzzle.

A healthier population is likely to be more economically productive (and to need less spending on healthcare and health-related benefits). A more prosperous society is likely to be healthier.

This paper investigates individuals' expectations about their own survival to older ages and compares patterns in average responses about survival chances with actual and projected survival rates.

In a new report we examine who holds unsecured debt and when that that debt might be considered a problem.