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Planning and Deploying
Resources in Later Life: aspirations, attitudes and behaviour -
a qualitative study
This project explored, through a series of qualitative in-depth interviews with a range of older people, how and why people plan, acquire and use resources during the course of their later lives. The overall aims of the project were to examine:
- how older people plan their resources in later life;
- how the planning and use of resources impacts on the quality of life;
- what resources are available to older people, in terms of direct financial resources, social networks, and other resources, as well as the interaction between financial, social and other resources, the qualitative ‘value’ of different resources, and the barriers to accessing resources;
- the aspirations of older people, and the extent to which aspirations are fulfilled, or fulfillable in the context of finite resources; and how older people define (and redefine) their needs in relation to aspirations and available resources.
Resources are broadly defined to include, in addition to income, other material resources, health, transport, and national and locally provided services. A central aim of the project is to examine how resources change over time and how changes in people’s later lives impact on their plans as they move through retirement. It will aid understanding of the relative importance of financial wealth and other resources at different points in people’s post-retirement lives, and according to changing circumstances.
Extended life expectancy means that resources in later life have to be planned and managed over ever longer periods. The project's focus on resources in later life is central to government policy to tackle poverty and social exclusion among older people. Understanding both how older people plan resources (in the widest sense) during later life, as well as how they actually utilise resources available to them over time, provided important information about what people need in order to escape poverty, hardship and disadvantage and to achieve an acceptable quality of life throughout older age. Insight into the value of, and barriers to, accessing non-financial resources was particularly useful.
A qualitative longitudinal approach was adopted using a panel of 91 respondents aged 65 to 84 to enable the investigation of the consequences of changes in circumstances in later life. The first wave of in-depth interviews took place during summer/autumn 2005 (see key findings and report details below). Respondents were re-contacted during 2006 to gather a brief update on any changes in circumstances, with follow-up interviews in 2007. A Consultative Group of older people are providing advice and guidance throughout the various stages of the project.
Key findings from the first wave of interviews:
- Health and social networks were generally perceived to be of more importance in the lives of respondents than economic resources.
- The consequences of declines in health were most stark when they had occurred unexpectedly or rapidly and coping with health declines was most difficult for people who lived alone, particularly for older respondents.
- Family support was often particularly relied on during periods of poor health or other difficulties, but the importance of ‘exchange’ of financial, practical and emotional support between generations was evident.
- Different types of planning for retirement included: ‘ lifetime planners’, ‘plans knocked off course, ‘late onset planning’, and ‘non-planners’ who felt no need to plan, couldn’t or didn’t plan. The extent and outcome of plans could be at the mercy of a range of external factors over which respondents sometimes believed that they had little control.
- Current and accumulated income had implications for planning financially for later old age. Different types of current saving behaviour included: longer-term saving (for a specific use or for a ‘rainy day’), spending accrued or surplus income, only being able to budget in the short-term rather than save for longer-term use.
- Unless the accumulation of savings or assets had been a long-term plan, they were often seen as inheritances for family, with particular resistance expressed to the idea of selling property to fund future residential care.
- Health was seen as a ‘deciding factor’ in future lives, but it was difficult to plan for future ill-health.
- Planning prior to retirement and planning for death appeared to be ‘easier’ than planning for later old age.
- Respondents would advise younger generations to make provision for their retirement, although there was a lack of trust in the financial industry and resentment that savings and pensions can exclude people from benefits.
The project was funded by the Joseph Rowntree Foundation as part of the Resources in Later Life Programme. It complements and is informed by the quantitative analysis also undertaken by CRSP.
Project Team
Katherine Hill, Liz Sutton, Lynne Cox and Rebecca Hand
Publications
Hill, K. and Sutton, L. (2010) Housing Transitions: Older people's changing housing needs. Loughborough: Centre for Research in Social Policy.
Hill, K. and Sutton, L. (2010) Managing Finances in Later Life. Loughborough: Centre for Research in Social Policy.
Sutton, L. and Hill, K. (2010) Transport and Getting Around in Later Life. Loughborough: Centre for Research in Social Policy.
Hill, K., Sutton, L. and Cox, L. (2009), Managing Resources in Later Life, York: Joseph Rowntree Foundation.
Hill, K., Kellard, K., Middleton, S., Cox, L. and Pound, E. (2007), Understanding Resources in Later Life: views and experiences of older people, Joseph Rowntree Foundation.
Older people's views and experiences of resources in later life, Findings
Related Publications
Middleton, S., Hancock, R., Kellard, K., Beckhelling, J., Phung, V-H. and Perren, K. (2007), Measuring Resources in Later Life: a review of the data, York: Joseph Rowntree Foundation.
Kellard, K., Beckhelling, J., Phung, V-H., Middleton, S., Perren, K. and Hancock, R. (2006), Needs and Resources in Later Life: Technical Report, CRSP Working Paper 537.
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