The Changing Face of Debt and Financial Fragility at Older Ages
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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In the USA, many people arrive close to retirement carrying a lot more debt than previous generations did.
“in the USA, many people arrive close to retirement carrying a lot more debt than previous generations did (Lusardi, Mitchell, and Oggero, 2018).”
From Financial literacy and the need for financial education: evidence and implications (2019) · cites this paper as Lusardi, Mitchell, and Oggero, 2018
Cites
Optimal Financial Knowledge and Wealth Inequality
Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2017) · Journal of Political Economy · doi:10.1086/690950 · Cited by 690 · see citing works
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Financial literacy and the need for financial education: evidence and implications
Lusardi, A. (2019) · Swiss Journal of Economics and Statistics · doi:10.1186/s41937-019-0027-5 · Cited by 1,135 · see citing works
“For example, in the United States, many people arrive close to retirement carrying a lot more debt than previous generations did (Lusardi, Mitchell, and Oggero, 2018).”
BackgroundSelf-citation
- Authors
- Lusardi, A., Mitchell, O. S., & Oggero, N.
- Affiliations
- George Washington University (US)
- University of Pennsylvania (US)
- University of Turin (IT)
- Venue
- AEA Papers and Proceedings
- Publisher
- American Economic Association
- Published
- 2018-05-01
- Volume
- 108
- Pages
- 407-411
- ISSN
- 2574-0768 (ISSN-L)
- 2574-0776
- OpenAlex
- W2804488971
- Cited by
- 79
- References
- 1
- Citations by year
- 2026: 3 · 2025: 9 · 2024: 10 · 2023: 7 · 2022: 11 · 2021: 8 · 2020: 21 · 2019: 9 · 2016: 1
- FWCI
- 27.95
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- AEA Papers and Proceedings (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Institutional Research Information System University of Turin (University of Turin) (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Demography › Retirement, Disability, and Employment
- Health Sciences › Health Professions › General Health Professions › Aging, Elder Care, and Social Issues
- Keywords
- household debt, financial fragility, older adults, retirement, cohort differences, housing affordability, down payment, financial insecurity, generational change
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