Ageing and Well-Being: Consumption and Time Use of Elderly Americans

TitleAgeing and Well-Being: Consumption and Time Use of Elderly Americans
Publication TypeThesis
Year of Publication2006
AuthorsGortz, M
Date Published2006
UniversityUniversity of Copenhagen
Call Numberwp_2006/GortzChap3.pdf
KeywordsConsumption and Savings, Demographics, Net Worth and Assets, Retirement Planning and Satisfaction
Abstract

This paper studies patterns of consumption, household production and leisure for the elderly American population. The main objective of the paper is to study how incorporating the value of time spent in household production and leisure affects economic well-being. Based on the 2003 Consumption and Mail Activities Survey (CAMS) from the Health and Retirement Study (HRS), we find that the level of expenditure is lower for non-retired people, while levels of housework and leisure are higher. We also see that expenditure are decreasing with age, while leisure is increasing with age for both groups. Inequality in expenditure is higher for the group of retired households as compared to the group of non-retired households. However, while the elderly and retired seem to be less well off in terms of consumption goods bought in the market, they are generally "richer" in terms of time for household production or leisure. Broadening our concept of economic well-being to include first the value of household production and secondly the value of leisure reduces our measure of economic inequality among the elderly.

Endnote Keywords

Elderly

Endnote ID

16600

Short TitleAgeing and Well-Being: Consumption and Time Use of Elderly Americans
Citation Key6316