Financial dimensions of well-being in older age

As a growing part of the population, older people are increasingly important to the UK economy. It has been estimated, for example, that people over the age of 65 spend more than £100 billion per year, which accounts for around 15 per cent of all household expenditure. At the same time, older people are experiencing more pressures on their often limited financial resources (such as the need to pay for care and the rising cost of living) which can reduce their quality of life. It is crucially important, therefore, that policy-makers and practitioners have a good understanding of the different aspects of well-being among older people, in order to inform the design of policies and services that affect their lives.

At present, we do not have a complete picture of the financial dimensions of well-being among older people in the UK. This research will generate new knowledge and improve our understanding of these issues, by examining the types of savings and assets that older people have; their patterns of spending and borrowing; their access and use of financial services such as bank accounts and insurance; and the relationship between financial well-being and quality of life.

To do this, we will use data from a number of large-scale national and international surveys that have collected information about various aspects of financial well-being, wealth and quality of life. We will use cutting-edge statistical techniques to analyse the survey data. This will allow us to develop typologies of older people; to describe the characteristics of these different groups; and to explain the differences between them. We will also look at trends in financial well-being and wealth over time and compare the views and experiences of older people in the UK with those in other countries. We will complement the survey data with analysis of in-depth interviews that have previously been carried out with older people in the UK. The value of analysing these in-depth interviews is that we can explore older people's circumstances, views and experiences in greater detail.

The research will be carried out by the University of Bristol in partnership with the International Longevity Centre, an influential think-tank that specialises in longevity and demographic change. The results of the research will be published and made widely available. We will bring the research findings to the attention of a wide range of audiences, including academics, government policy-makers, charities that focus on older people and ageing, organisations that deliver services to older people such as Age UK and the general public. By generating new knowledge and understanding about the financial dimensions of well-being in older age, the research will be able to influence and inform policies and practices that affect the everyday lives of older people.

Who will benefit from the research?

-Academics and other research professionals, particularly those with an interest in older people's wealth and expenditure, consumption patterns and financial well-being; poverty and social exclusion; social policy; the use of large-scale datasets; advanced quantitative reseach methods; comparative data analysis.

-Policymakers and policy-focused organisations (e.g. parliamentarians, government departments, regulators, think tanks such as the Joseph Rowntree Foundation, New Economics Foundation)

-Charities and other stakeholders with an interest in the practical and policy implications of the research (e.g. Age UK, Independent Age)

-The private sector (e.g. financial services providers)

-The wider public

How will they benefit from the research?

We currently lack policy-relevant quantitative research on the financial dimensions of well-being in older age. This research will provide new knowledge of older people's wealth, expenditure, consumption and patterns of financial well-being derived from major high-quality data sources and complemented by secondary analysis of qualitative data. By actively engaging academics, policy-makers, charities and the public and private sectors we can work towards ensuring that the specific needs of older people are recognised and appropriately addressed. In the longer term older people may benefit from changes to policy and practice brought about or informed by this research.

In order to ensure effective academic impact, we will seek to publish research findings in leading international peer-reviewed journals (particularly those with specific interests in social policy, economics and ageing). To enable other academics and research professionals to better exploit these rich data sources, the final research report will have technical appendices which detail the datasets and the approaches we have used. We will disseminate the research findings via presentations at a range of national, European and international conferences; through existing seminar programmes run by ILC and University of Bristol; and through presentations at survey user group meetings and similar events. The derived datasets from the research will be made available on request via University of Bristol's Research Data Storage Facility.

To maximise the potential economic and societal benefits we will hold a one day research symposium in London, inviting parliamentarians, representatives from relevant government departments, ageing charities and think tanks, and leading academics. We will also hold a seminar, via the University's Centre for Public Engagement, to bring the research to the attention of the wider public. Final outputs will be published on the University and ILC websites and distributed using our extensive networks, using a strategy that will promote and influence, as well as build new relationships. Our strategy will combine traditional dissemination activities (e.g. ILC's 5000-strong mailing list, press releases via ILC and the University, working with the national print media and specialist press) with an appropriate new media strategy that exploits ILC's expertise in the effective use of social media (e.g. LinkedIn, Twitter, blogs).

We routinely use our research evidence to more directly influence and inform policy. Both PFRC and ILC have well-established relationships with government ministers and government departments, the financial services industry and other relevant stakeholders. ILC and PFRC are regularly invited to provide verbal and written evidence to assist government enquiries (most recently PFRC provided evidence to the Business, Innovation and Skills enquiry into Debt Management ). Both ILC and PFRC are experienced in producing policy briefings and presenting research evidence to a wide-range of audiences.

Please see the sections on 'Pathways to Impact' and 'Academic Beneficiaries' for further information.