How depression and other mental health problems can affect future living standards of those out of the labour force

Deborah Schofield, Simon Kelly, Rupendra Shrestha, Emily Callander, Megan Passey, Richard Percival

    Research output: Contribution to journalArticle

    9 Citations (Scopus)
    5 Downloads (Pure)

    Abstract

    Objectives: To estimate the extent to which those who exit the workforce early due to mental health problems have less savings by the time they reach retirement age.Methods: Using Health&WealthMOD – a microsimulation model of Australians aged 45–64 years that predicts accumulated savings at age 65, regression models were used to analyse the differences between the projected savings and the retirement incomes of people at age 65 for those currently working with no chronic condition, and people not in the labour force due to mental health problems.Results: Females who retire early due to depression have a median value of total savings by the time they are 65 of $300. For those with other mental health problems the median figure was $0. This is far lower than the median value of $227,900 for females with no chronic condition who remained employed full-time. Males showed similar differences. Both males and females who were out of the labour force due to depression or other mental health problems had at least 97% (95%CI: −99.9% to −68.7%) less savings and retirement income by age 65 that those who remained employed full-time.Conclusions: People who retire from the labour force early due to mental health problems will face long term financial disadvantage compared to people who are able to remain in employment.
    Original languageEnglish
    Pages (from-to)654-662
    Number of pages9
    JournalAging and Mental Health
    Volume15
    Issue number5
    DOIs
    Publication statusPublished - 2011

    Fingerprint

    Mental Health
    Depression
    Retirement
    Health

    Cite this

    Schofield, Deborah ; Kelly, Simon ; Shrestha, Rupendra ; Callander, Emily ; Passey, Megan ; Percival, Richard. / How depression and other mental health problems can affect future living standards of those out of the labour force. In: Aging and Mental Health. 2011 ; Vol. 15, No. 5. pp. 654-662.
    @article{64a79bbd03d74b7294b5c171702c7b3c,
    title = "How depression and other mental health problems can affect future living standards of those out of the labour force",
    abstract = "Objectives: To estimate the extent to which those who exit the workforce early due to mental health problems have less savings by the time they reach retirement age.Methods: Using Health&WealthMOD – a microsimulation model of Australians aged 45–64 years that predicts accumulated savings at age 65, regression models were used to analyse the differences between the projected savings and the retirement incomes of people at age 65 for those currently working with no chronic condition, and people not in the labour force due to mental health problems.Results: Females who retire early due to depression have a median value of total savings by the time they are 65 of $300. For those with other mental health problems the median figure was $0. This is far lower than the median value of $227,900 for females with no chronic condition who remained employed full-time. Males showed similar differences. Both males and females who were out of the labour force due to depression or other mental health problems had at least 97{\%} (95{\%}CI: −99.9{\%} to −68.7{\%}) less savings and retirement income by age 65 that those who remained employed full-time.Conclusions: People who retire from the labour force early due to mental health problems will face long term financial disadvantage compared to people who are able to remain in employment.",
    author = "Deborah Schofield and Simon Kelly and Rupendra Shrestha and Emily Callander and Megan Passey and Richard Percival",
    year = "2011",
    doi = "10.1080/13607863.2011.556599",
    language = "English",
    volume = "15",
    pages = "654--662",
    journal = "Aging and Mental Health",
    issn = "1360-7863",
    publisher = "Taylor and Francis Ltd.",
    number = "5",

    }

    How depression and other mental health problems can affect future living standards of those out of the labour force. / Schofield, Deborah; Kelly, Simon; Shrestha, Rupendra; Callander, Emily; Passey, Megan; Percival, Richard.

    In: Aging and Mental Health, Vol. 15, No. 5, 2011, p. 654-662.

    Research output: Contribution to journalArticle

    TY - JOUR

    T1 - How depression and other mental health problems can affect future living standards of those out of the labour force

    AU - Schofield, Deborah

    AU - Kelly, Simon

    AU - Shrestha, Rupendra

    AU - Callander, Emily

    AU - Passey, Megan

    AU - Percival, Richard

    PY - 2011

    Y1 - 2011

    N2 - Objectives: To estimate the extent to which those who exit the workforce early due to mental health problems have less savings by the time they reach retirement age.Methods: Using Health&WealthMOD – a microsimulation model of Australians aged 45–64 years that predicts accumulated savings at age 65, regression models were used to analyse the differences between the projected savings and the retirement incomes of people at age 65 for those currently working with no chronic condition, and people not in the labour force due to mental health problems.Results: Females who retire early due to depression have a median value of total savings by the time they are 65 of $300. For those with other mental health problems the median figure was $0. This is far lower than the median value of $227,900 for females with no chronic condition who remained employed full-time. Males showed similar differences. Both males and females who were out of the labour force due to depression or other mental health problems had at least 97% (95%CI: −99.9% to −68.7%) less savings and retirement income by age 65 that those who remained employed full-time.Conclusions: People who retire from the labour force early due to mental health problems will face long term financial disadvantage compared to people who are able to remain in employment.

    AB - Objectives: To estimate the extent to which those who exit the workforce early due to mental health problems have less savings by the time they reach retirement age.Methods: Using Health&WealthMOD – a microsimulation model of Australians aged 45–64 years that predicts accumulated savings at age 65, regression models were used to analyse the differences between the projected savings and the retirement incomes of people at age 65 for those currently working with no chronic condition, and people not in the labour force due to mental health problems.Results: Females who retire early due to depression have a median value of total savings by the time they are 65 of $300. For those with other mental health problems the median figure was $0. This is far lower than the median value of $227,900 for females with no chronic condition who remained employed full-time. Males showed similar differences. Both males and females who were out of the labour force due to depression or other mental health problems had at least 97% (95%CI: −99.9% to −68.7%) less savings and retirement income by age 65 that those who remained employed full-time.Conclusions: People who retire from the labour force early due to mental health problems will face long term financial disadvantage compared to people who are able to remain in employment.

    U2 - 10.1080/13607863.2011.556599

    DO - 10.1080/13607863.2011.556599

    M3 - Article

    VL - 15

    SP - 654

    EP - 662

    JO - Aging and Mental Health

    JF - Aging and Mental Health

    SN - 1360-7863

    IS - 5

    ER -