Financial Reasons for Working beyond the Statutory Retirement Age: Risk Factors and Associations with Health in Late Life

Denise Burkhalter; Aylin Wagner; Sonja Feer; Frank Wieber; Andreas Ihle; Isabel Baumann

doi:10.3390/ijerph191710505

Financial Reasons for Working beyond the Statutory Retirement Age: Risk Factors and Associations with Health in Late Life

Int J Environ Res Public Health. 2022 Aug 23;19(17):10505. doi: 10.3390/ijerph191710505.

Authors

Denise Burkhalter¹, Aylin Wagner², Sonja Feer¹, Frank Wieber^{1

3}, Andreas Ihle^{4

5

6}, Isabel Baumann^{1

4

6}

Affiliations

¹ Institute of Public Health, ZHAW Zurich University of Applied Sciences, 8400 Winterthur, Switzerland.
² Swiss Paraplegic Research, 6207 Nottwil, Switzerland.
³ Chair of Social Psychology and Motivation, University of Konstanz, 78464 Konstanz, Germany.
⁴ Center for the Interdisciplinary Study of Gerontology and Vulnerability, University of Geneva, 1205 Geneva, Switzerland.
⁵ Department of Psychology, University of Geneva, 1205 Geneva, Switzerland.
⁶ Swiss National Centre of Competence in Research LIVES-Overcoming Vulnerability: Life Course Perspectives, 1015 Lausanne, Switzerland.

Abstract

Despite an increasing trend of working life prolongation, little is known about the risk factors for financial reasons for working beyond the statutory retirement age (SRA), and how these reasons relate to health. The present study examined (1) the determinants of working beyond the SRA, (2) the workers' self-reported reasons for working beyond the SRA, and (3) the association between these reasons and health in late life. Cross-sectional data of 1241 individuals from the Swiss survey "Vivre/Leben/Vivere" were analyzed. The results showed that people with a low level of education and with a low income have an 80% higher risk of working beyond the SRA for financial reasons than for other reasons (p < 0.001). Moreover, self-rated health was not significantly associated with working beyond the SRA for financial reasons but was significantly associated with education and income (p < 0.01). In conclusion, while previous studies have already identified financial difficulties as one important reason for working beyond the SRA, the present study indicated the socioeconomic factors that are crucial for increasing the risk for working beyond the SRA. Thus, our results help to guide the adaptation of social policies for better maintaining and promoting the health of particularly vulnerable older workers.

Keywords: older workers; public health; public policy reform; reasons for retirement; socioeconomic inequality; working life prolongation.

Publication types

Research Support, Non-U.S. Gov't

MeSH terms

Cross-Sectional Studies
Employment*
Humans
Retirement*
Risk Factors
Socioeconomic Factors

Grants and funding

This work was supported by the Swiss National Science Foundation (grant number 179696) and the Swiss National Centre of Competence in Research LIVES—Overcoming vulnerability: Life course perspectives, which is financed by the Swiss National Science Foundation (grant numbers: 51NF40-160590 and 51NF40-185901). The authors are grateful to the Swiss National Science Foundation for its financial assistance.