Social differentiation in later life: Exploring the interaction between wealth, education and retirement trajectories in Japan and the UK
Lead Research Organisation:
University of Bristol
Department Name: Sch for Policy Studies
Abstract
The process of retirement is becoming more complex and differentiated in terms of timing and resources. 'Active Ageing' policies in many societies now encourage older workers to work up to and beyond retirement age. However, the reasons and opportunities to do so depend greatly on individual factors such as skills, incomes and health status. The level of education also matters in retirement process since different educational groups have different information, resources and attitudes toward investment for later life. Better educated people are for example more likely to retire on a planned basis with sufficient income and assets. Another key influence on retirement, which is absent from existing research, is the importance of household wealth - home ownership, in particular. Home ownership as an asset-base has been recognised as a key to build social and financial capital and to access increasingly privatised welfare in old age. While housing wealth is the primary component of personal wealth for the majority of households in home-owning societies, this is however not necessarily the case in societies with high rates of personal savings and/or suffering from housing price depreciation. Access to home ownership has declined among younger cohorts in many societies which means future generations are expected to work longer.
This project will therefore go beyond the conventional indicators of income and formal retirement age to analyse social inequalities in later life. Instead, it will explore and identify the relationship between housing wealth, the level of education, and extended working life of ageing baby-boomers in Japan and the UK. The cross-national analysis is a vital part of the project since opportunities and constraints to work longer vary significantly between countries. In order to understand inequalities at retirement, we need to gain more insight into how institutional systems (e.g. retirement age, social security, attitudes of employers) and individual human capital (e.g. skills, qualifications) together influence retirement processes of older people. The rationales to compare Japan and the UK are: they are both home-owning societies but with contrasting housing price appreciation (UK) and depreciation (Japan); in both societies, saving towards retirement is largely privatised, and the state and employers are encouraging older people to work longer with incentives and sanctions.
The main objective of this Connection project is to bring together scholars with different disciplinary backgrounds of Social Policy, Economics, Management and Housing Studies to develop the knowledge and understanding of the relationships between wealth, education, work and retirement in different welfare systems. A series of workshops are planned in Japan and the UK to provide a platform for the project members to exchange ideas, analyse comparative data, and identify methodological challenges. The workshops are not only an avenue for scholarly discussion, but also for knowledge exchange with non-academic stakeholders. It aims to provide information, analysis and insight to help policy makers, unions, employers and other organisations in supporting older people in financial and later-life career planning. The preliminary findings of the project will be disseminated using a project webpage, blog posts, academic article/s and a policy briefing including employers good practice. The project will contribute to reframing policy debate surrounding extended working life and explore early interventions in retirement planning. This is a new collaboration and the project team members have complementary research skills and expertise as well as a strong track record of comparative analysis.
This project will therefore go beyond the conventional indicators of income and formal retirement age to analyse social inequalities in later life. Instead, it will explore and identify the relationship between housing wealth, the level of education, and extended working life of ageing baby-boomers in Japan and the UK. The cross-national analysis is a vital part of the project since opportunities and constraints to work longer vary significantly between countries. In order to understand inequalities at retirement, we need to gain more insight into how institutional systems (e.g. retirement age, social security, attitudes of employers) and individual human capital (e.g. skills, qualifications) together influence retirement processes of older people. The rationales to compare Japan and the UK are: they are both home-owning societies but with contrasting housing price appreciation (UK) and depreciation (Japan); in both societies, saving towards retirement is largely privatised, and the state and employers are encouraging older people to work longer with incentives and sanctions.
The main objective of this Connection project is to bring together scholars with different disciplinary backgrounds of Social Policy, Economics, Management and Housing Studies to develop the knowledge and understanding of the relationships between wealth, education, work and retirement in different welfare systems. A series of workshops are planned in Japan and the UK to provide a platform for the project members to exchange ideas, analyse comparative data, and identify methodological challenges. The workshops are not only an avenue for scholarly discussion, but also for knowledge exchange with non-academic stakeholders. It aims to provide information, analysis and insight to help policy makers, unions, employers and other organisations in supporting older people in financial and later-life career planning. The preliminary findings of the project will be disseminated using a project webpage, blog posts, academic article/s and a policy briefing including employers good practice. The project will contribute to reframing policy debate surrounding extended working life and explore early interventions in retirement planning. This is a new collaboration and the project team members have complementary research skills and expertise as well as a strong track record of comparative analysis.
Planned Impact
We will employ a variety of means to achieve impact from our preliminary findings with a range of beneficiaries in providing a more detailed understanding of people's decisions to retire in relation to their finance and educational background in the particular institutional and market contexts, using a combination of digital, personal and formal communication strategies. This connection grant will allow us to develop a preliminary analysis and comparative methodology for a future, fuller research project. This is a networking grant and thus a more significant impact will be anticipated from the future empirical-based research project.
The project team members have extensive networks and a strong track record in working collaboratively with policy makers and practitioners in both countries, in particular, in delivering evidence-based support to employers and individuals in extended working life.
Through the participatory workshops in Japan and the UK, knowledge exchange is planned with policy makers and non-state stakeholders such as trade unions, employer organisations (e.g. Business in the Community, Japan Organisation for Employment of Older People, Persons with Disabilities and Job Seekers) and interest groups supporting older people (e.g. Age UK).
Apart from the workshops, we will develop the following communication and dissemination tools for non-academic users:
- A project webpage: Our digital anchor to provide information about the project, hyperlinked list of useful documents, datasets and organisation contacts, updates and downloadable outputs. The webpage will be set up at the beginning of the project and updated as appropriate to ensure on-going impact throughout the course of the project.
- Blog posts: At least two blog pieces from each team member will be published online to raise awareness of the issues (e.g. current employment/retirement trends, the nature and determinants of inequalities at retirement, cross-national diversity, good practice by employers) among non-academic stakeholders and the general public; as well as disseminate preliminary findings.
- A policy briefing: A publication of concise, high quality policy briefing in English. Key policy and practice conclusions will be drawn from our comparative analysis. Some useful lessons can be learnt from each national policy and employer good practice. Printed edition will be distributed to non-academic users and relevant mailing lists; it will also be available free of charge as a download on the project website.
In addition, we will use PolicyBristol (A virtual centre at the University of Bristol showcasing policy-relevant work to users outside the academic community), University Press Office, and other channels through the affiliation and networks of the project members to disseminate policy and practice relevant preliminary outcomes.
The project team members have extensive networks and a strong track record in working collaboratively with policy makers and practitioners in both countries, in particular, in delivering evidence-based support to employers and individuals in extended working life.
Through the participatory workshops in Japan and the UK, knowledge exchange is planned with policy makers and non-state stakeholders such as trade unions, employer organisations (e.g. Business in the Community, Japan Organisation for Employment of Older People, Persons with Disabilities and Job Seekers) and interest groups supporting older people (e.g. Age UK).
Apart from the workshops, we will develop the following communication and dissemination tools for non-academic users:
- A project webpage: Our digital anchor to provide information about the project, hyperlinked list of useful documents, datasets and organisation contacts, updates and downloadable outputs. The webpage will be set up at the beginning of the project and updated as appropriate to ensure on-going impact throughout the course of the project.
- Blog posts: At least two blog pieces from each team member will be published online to raise awareness of the issues (e.g. current employment/retirement trends, the nature and determinants of inequalities at retirement, cross-national diversity, good practice by employers) among non-academic stakeholders and the general public; as well as disseminate preliminary findings.
- A policy briefing: A publication of concise, high quality policy briefing in English. Key policy and practice conclusions will be drawn from our comparative analysis. Some useful lessons can be learnt from each national policy and employer good practice. Printed edition will be distributed to non-academic users and relevant mailing lists; it will also be available free of charge as a download on the project website.
In addition, we will use PolicyBristol (A virtual centre at the University of Bristol showcasing policy-relevant work to users outside the academic community), University Press Office, and other channels through the affiliation and networks of the project members to disseminate policy and practice relevant preliminary outcomes.
Organisations
- University of Bristol (Lead Research Organisation)
- Tama City Government, Tokyo (Collaboration)
- Kyushu University (Collaboration)
- University of the Philippines (Collaboration)
- Putra Malaysia University (Collaboration)
- Japanese Trade Union Confederation (Collaboration)
- QUEEN'S UNIVERSITY BELFAST (Collaboration)
- Japan Housing Finance Agency (Collaboration)
Description | ? New research networks: We successfully developed a new international and inter-disciplinary network of scholars and stakeholders beyond the original project members through two knowledge exchange workshops with academics and non-academic stakeholders in Japan and the UK (see blogs) as well as jointly writing for journal articles. International and interdisciplinary dialogues have also started to extend research collaboration beyond the original UK-Japan partners (see Collaborations & Partnerships). ? New knowledge generated Through comparative analysis of existing public and own data, the project has generated new knowledge and understanding of retirement timing and decisions of older workers in the contrasting housing and labour markets of Japan and the UK. Key findings include: 1) Drawing on our qualitative interviews with people who made a job change after 50, we investigated how employers and institutions helped or hindered older jobseekers cross-nationally. Older jobseekers need to mobilise both their own capital (financial resources, skills, experiences and networks) and draw support from employers, governments and others to navigate the labour market to extend their working life and/or make late-career job transitions. Using Sen's Capability Approach, we examined factors impacting on the processes. Japanese workers with life-long employment can often rely on more employer support than their UK counterparts in terms of re-training and retention. However, they are often re-distributed into work they may not value. The UK workers are less likely to face formal barriers to job change but can be left without support and guidance. Wealth issues such as having financial means and assets tend to provide older jobseekers with greater choices in terms of timing and pathways into retirement. (A journal article by Flynn, Schroder, Izuhara & Higo currently under review in Journal of Social Policy) 2) The analysis of the Japan Household Panel Survey data (2005-2019) found differentiated patterns of labour market participation by older workers in response to unanticipated shocks to house prices between Japan and the UK. The existing evidence suggests that in the UK, older workers tend to leave the labour market when they experience positive housing price increases, while in Japan older homeowners tend to remain employed but reduce their working hours. This is partly because liquidising housing assets are difficult and labour mobility is generally lower in Japan. The data also highlighted differentiated reactions to house price volatility by age and gender. Women were more likely to reduce working hours in response to the rise of house price earlier (age 60+) than men (65+). (A journal article in preparation by Hamaaki and Iwata for e.g. Journal of Housing Economics) ? New research questions: Izuhara and Iwata will continue to work on the theme of widening inequalities of housing access and wealth across generations comparatively. Especially, we are developing a research proposal to interrogate the complex interactions of housing, family generations and inequality from the space, relational and policy perspectives. Considering different institutional structures in Southeast Asian societies like Singapore, another research is being developed investigating variegated institutions and social policies to support older workers. |
Exploitation Route | The outcomes of this comparative project (1) can be taken forward to develop support services for older workers in their late-career transitions. The findings would be valuable for the relevant sections of the Department for Work and Pensions / Ministry of Health, Labour and Welfare, local governments, employment agencies and employers who could support older workers extending their working life. |
Sectors | Communities and Social Services/Policy Financial Services and Management Consultancy Government Democracy and Justice |
Description | Comparative data analysis and joint publications (Professor Masa Higo, Kyushu University) |
Organisation | Kyushu University |
Country | Japan |
Sector | Academic/University |
PI Contribution | Misa Izuhara (Bristol) and Matt Flynn (Hull) are collaborating with Professor Masa Higo (Kyushu University, Japan) and Dr Heike Schroder (Queen's Management School, Queen's University Belfast) to comparatively analyse the existing (collaborators' own) qualitative datasets on the experiences of late-career job change in the liberal and coordinated market economies in the UK and Japan. We are jointly writing a journal article, which is due to submit to a journal in October 2022. |
Collaborator Contribution | Professor Masa Higo (Kyushu University, Japan) and Dr Heike Schroder (Queen's Management School, Queen's University Belfast) are new collaborators outside of the original project team. They have different disciplinary backgrounds of Management (Schroder) and Social Gerontology/Sociology (Higo). Higo contributed the original qualitative data on Tokyo/Japan, while Schroder contributed to the theoretical framework of the joint journal article. |
Impact | Currently (as of September 2022) finalising a draft article to submit to Journal of Social Policy (Comparing late-career job change in the liberal and coordinate market economies of the UK and Japan through the Capability Approach) |
Start Year | 2022 |
Description | Comparative data analysis and joint publications (Professor Masa Higo, Kyushu University) |
Organisation | Queen's University Belfast |
Department | Queen's Management School |
Country | United Kingdom |
Sector | Academic/University |
PI Contribution | Misa Izuhara (Bristol) and Matt Flynn (Hull) are collaborating with Professor Masa Higo (Kyushu University, Japan) and Dr Heike Schroder (Queen's Management School, Queen's University Belfast) to comparatively analyse the existing (collaborators' own) qualitative datasets on the experiences of late-career job change in the liberal and coordinated market economies in the UK and Japan. We are jointly writing a journal article, which is due to submit to a journal in October 2022. |
Collaborator Contribution | Professor Masa Higo (Kyushu University, Japan) and Dr Heike Schroder (Queen's Management School, Queen's University Belfast) are new collaborators outside of the original project team. They have different disciplinary backgrounds of Management (Schroder) and Social Gerontology/Sociology (Higo). Higo contributed the original qualitative data on Tokyo/Japan, while Schroder contributed to the theoretical framework of the joint journal article. |
Impact | Currently (as of September 2022) finalising a draft article to submit to Journal of Social Policy (Comparing late-career job change in the liberal and coordinate market economies of the UK and Japan through the Capability Approach) |
Start Year | 2022 |
Description | Further collaboration in Southeast Asia (Malaysia) on later life and retirement theme beyond UK-Japan |
Organisation | Putra Malaysia University |
Country | Malaysia |
Sector | Academic/University |
PI Contribution | Matt Flynn met with colleagues at MyAgeing to discuss collaboration opportunities between MyAgeing, Flynn and Izuhara on ageing workforces in social care and improving HR policies and practices to address issues of labour and skills shortages. MyAgeing is currently working with the Malaysian government to map employment in the sector and formalise best practice. Professor Flynn has been working with colleagues at the Centre for System Studies to identify barriers and facilitators to best practice on employment issues. |
Collaborator Contribution | Professors Flynn and Dr Chai Sen Tyng are developing a research proposal on career development and progression in the care sector. The research will be based on workshop discussions being carried out in Malaysia and Northern Ireland |
Impact | The collaboration is between colleagues in the disciplines of business and HRM (Flynn), social policy (Izuhara) and public policy (Tyng). |
Start Year | 2022 |
Description | Further collaboration in Southeast Asia on later life and retirement theme beyond UK-Japan |
Organisation | University of the Philippines |
Country | Philippines |
Sector | Academic/University |
PI Contribution | Matt Flynn met with Professor Shelley de la Vega and her colleagues at the University of Philippines Institute on Aging. They discussed collaborative opportunities to share data and compare experiences of older workers in the UK, Japan and the Philippines. In particular, Professor de la Vega shared longitudinal data which the Institute has collected with retired academics. Prof Flynn has also committed to connect Prof de la Vega with European colleagues who are part of the COST Action CA21107 DIGI-net to discuss collaborative opportunities to share research on digitalisation. |
Collaborator Contribution | Professors Flynn and de la Vega agreed to share data on post retirement work amongst workers in the UK and the Philippines |
Impact | The collaboration is between colleagues in the disciplines of business and HRM (Flynn), social policy (Izuhara) and health and gerontology (de la Vega) |
Start Year | 2022 |
Description | Research collaboration (Izuhara and Flynn) with Heike Schroeder-Altmann (QUB) on 50+ job change in the UK |
Organisation | Queen's University Belfast |
Country | United Kingdom |
Sector | Academic/University |
PI Contribution | Writing for a journal article comparing the experiences of late-career job changers (age 50+) between Japan and the UK. Updating the UK data in 2024 by conducting a series of interviews with 50+ job changers to make comparable to the Japanese data. |
Collaborator Contribution | The same as above - We all contribute/responsible for interviews, analysis of the comparative data and revising the journal article. |
Impact | In the process of updating interview data to revise the article. The output will be a comparative journal article (planned submission in 2024). |
Start Year | 2023 |
Description | Tokyo workshop in July 2019 |
Organisation | Japan Housing Finance Agency |
Sector | Private |
PI Contribution | Knowledge exchange with representatives of the organisations through the stakeholder workshop in Tokyo (Keio University, 13 July 2019). The research team made a series of presentations prior to the stakeholder presentations and discussion. |
Collaborator Contribution | Representatives of the organisations presenting their relevant knowledge and expertise in the selected themes at the stakeholder workshop in Tokyo. Knowledge exchange with project academic members and non-academic participants. |
Impact | Not yet |
Start Year | 2019 |
Description | Tokyo workshop in July 2019 |
Organisation | Japanese Trade Union Confederation |
Country | Japan |
Sector | Charity/Non Profit |
PI Contribution | Knowledge exchange with representatives of the organisations through the stakeholder workshop in Tokyo (Keio University, 13 July 2019). The research team made a series of presentations prior to the stakeholder presentations and discussion. |
Collaborator Contribution | Representatives of the organisations presenting their relevant knowledge and expertise in the selected themes at the stakeholder workshop in Tokyo. Knowledge exchange with project academic members and non-academic participants. |
Impact | Not yet |
Start Year | 2019 |
Description | Tokyo workshop in July 2019 |
Organisation | Tama City Government, Tokyo |
Country | Japan |
Sector | Public |
PI Contribution | Knowledge exchange with representatives of the organisations through the stakeholder workshop in Tokyo (Keio University, 13 July 2019). The research team made a series of presentations prior to the stakeholder presentations and discussion. |
Collaborator Contribution | Representatives of the organisations presenting their relevant knowledge and expertise in the selected themes at the stakeholder workshop in Tokyo. Knowledge exchange with project academic members and non-academic participants. |
Impact | Not yet |
Start Year | 2019 |
Description | Stakeholder workshop in Tokyo |
Form Of Engagement Activity | Participation in an activity, workshop or similar |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Professional Practitioners |
Results and Impact | The first workshop was held in Tokyo (Keio University) in July 2019 to facilitate knowledge exchange between the project members and non-academic stakeholders. As part of the workshop, leading policy makers and practitioners in related areas of employment, finance, housing and city planning presented current situations and emerging issues facing 'super-aged' Japanese society. Further details please see https://policystudies.blogs.bristol.ac.uk/2019/07/29/the-impact-of-housing-wealth-on-retirement-inequality/ |
Year(s) Of Engagement Activity | 2019 |
URL | https://policystudies.blogs.bristol.ac.uk/2019/07/29/the-impact-of-housing-wealth-on-retirement-ineq... |
Description | UK academic and stakeholder workshop (Bristol) |
Form Of Engagement Activity | A talk or presentation |
Part Of Official Scheme? | No |
Geographic Reach | International |
Primary Audience | Professional Practitioners |
Results and Impact | 5 papers were presented by project team members and researchers/practitioners from Age UK Bristol, Resolution Foundation and UCL (former International Longevity Centre). The workshop generated a series of questions and discussion. |
Year(s) Of Engagement Activity | 2021 |
URL | https://policystudies.blogs.bristol.ac.uk/2021/10/15/wealth-and-retirement-uk-and-japan/ |