Downloads
![Image representing the file: wp1209.pdf](/sites/default/files/output_url_files/wp1209.pdf_0.jpg)
wp1209.pdf
PDF | 955.42 KB
Prices of real and financial assets fell substantially in the UK during 2008–09. The fourth wave of the English Longitudinal Study of Ageing (ELSA) was in the field throughout this ‘financial crisis’. We use these data and earlier ELSA waves first to document the effect of the crisis on the finances of those aged 50 and over in England, and second, to estimate the effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a significant wealth shocks, but these shocks led to modest spending effects and small revisions to expectations regarding future bequests. Expectations of bequests seem particularly tied to housing wealth.
Authors
![James Banks](/sites/default/files/styles/square_desktop/public/2022-06/James_Banks.jpg?itok=EvmV7fKj)
CPP Co-Director
James is Senior Research Fellow and Professor of Economics at Manchester, working on broad issues in the economics of retirement, savings and health.
![Carl Emmerson](/sites/default/files/styles/square_desktop/public/2022-06/Carl_Emmerson.jpg?itok=6jM06LTY)
Deputy Director
Carl, a Deputy Director, is an editor of the IFS Green Budget, is expert on the UK pension system and sits on the Social Security Advisory Committee.
![Thomas Crossley](/sites/default/files/styles/square_desktop/public/2022-07/Tom%20Crossley.jpg?itok=8BNVWAtq)
Research Fellow University of Michigan
Tom is a Research Fellow at IFS, a Research Professor for the Institute for Social Research at the University of Michigan.
![Person graphic](/sites/default/files/styles/square_desktop/public/2022-06/IFS-person-graphic.png?itok=hWCtTSrz)
Rowena Crawford
Working Paper details
- DOI
- 10.1920/wp.ifs.2012.1209
- Publisher
- IFS
Suggested citation
Banks, J et al. (2012). The effect of the financial crisis on older households in England. London: IFS. Available at: https://ifs.org.uk/publications/effect-financial-crisis-older-households-england-0 (accessed: 30 June 2024).
More from IFS
Understand this issue
![Child drawing](/sites/default/files/styles/square_desktop/public/2024-04/child-drawing_0.jpg?itok=Qq8x74st)
Sure Start achieved its aims, then we threw it away
15 April 2024
![Pensions letter](/sites/default/files/styles/square_desktop/public/2023-12/Pensions%20Letter.jpg?itok=mv1QVYJO)
The future of the state pension
21 December 2023
![Older woman using iPad](/sites/default/files/styles/square_desktop/public/2023-12/Older-woman-uses-ipad_2.jpg?itok=O2oOL1PC)
Pensions are far from broken but could still use a fix
18 December 2023
Policy analysis
![Shopping street](/sites/default/files/styles/square_desktop/public/2024-06/Street-scene-.jpg?itok=R39cR6Xp)
How do the last five years measure up on levelling up?
19 June 2024
![Mother with sons](/sites/default/files/styles/square_desktop/public/2024-06/Mother-with-sons.jpg?itok=YhJmjOrZ)
The two-child limit: poverty, incentives and cost
17 June 2024
![Elderly couple looking at paperwork](/sites/default/files/styles/square_desktop/public/2024-06/elderly%20couple%20feature.jpg?itok=6tgAqkZa)
Pensions: five key decisions for the next government
7 June 2024
Academic research
![Working Paper Cover](/sites/default/files/styles/portrait/public/2024-06/WP202425-The-intergenerational-elasticity-of-earnings-exploring-the-mechanisms_Page_01.jpg?itok=BhqlYpqX)
The intergenerational elasticity of earnings: Exploring the mechanisms
3 June 2024
![Fiscal Studies - 2024 - June cover](/sites/default/files/styles/portrait/public/2024-06/Fiscal%20Studies%20-%202024%20-%20-%20June%20cover.jpg?itok=mQEwRc_w)
Income inequality in Ireland, 1987–2019
28 June 2024
![Fiscal Studies - 2024 - June cover](/sites/default/files/styles/portrait/public/2024-06/Fiscal%20Studies%20-%202024%20-%20-%20June%20cover.jpg?itok=mQEwRc_w)
Components of the evolution of income inequality in Sweden, 1990–2021
28 June 2024