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Theories of income inequality frequently cite child and adolescent labor as a societal problem. In contrast to such theories, we propose that path dependency coupled with enhancement of human and social capital enables some adolescents who work to find more attractive jobs later in life.

Using the longitudinal Youth in Transition Survey (YITS) spanning over 10 years, we find support for a positive relationship between adolescents’ number of work hours and future desirable professional outcomes such as being employed, income, person-organization fit, knowing where to look for a job, and career networking.

The positive relationship, in many instances, is curvilinear and highlights the downfall of working excessive hours. We also explore whether adolescent work for a stranger or family member leads to different outcomes, and find that working in a family business leads to enhanced later life utilization of career networks as well as better person-organization fit.

While we find that adolescent work intensity is linked to positive later life outcomes such as higher income, better fitting jobs, and better career networks, we also find maxima whereby additional hours worked have a diminishing effect on the outcomes. This suggests the need for societal norms and/or laws to avoid excessive adolescent work.

The findings in this chapter shed light on the role of early life work experiences in future professional outcomes. We show that certain types of adolescent employment can enhance future career prospects, counter to much of the established literature on the detrimental impact of youth labor.

Income in later life is an important factor in ensuring good health, quality of life, social engagement and subjective well‐being, yet it is now well known that women in later life are much poorer than men. In this article, data from the General Household Surveys 2001 and 2002 is used to show that this is largely the result of women's individual, and hidden, poverty within marriage. Dependency on men for income during the working life combines with the structure of the UK system to leave married men and married women with very unequal incomes after retirement. The median income of married and cohabiting women was only £53 per week, compared with men's £172; only 27% of married women had any private pension provision at all, compared with 75% of married men. Even among this 27% of women, half receive less than £35 a week from their pensions. Apart from the implications of this for potentially unequal access to money when cohabiting, the vast majority of women live alone for at least part of their retirement. When women become divorcees or widows, they cannot make up for lost income from their partners. Widows are thus relatively poor when compared with older women who have never married, but divorced women are on average the poorest of all. Social policies improving basic pension provision to all women in later life are urgently needed.

This study aims to explore whether trends in the pattern of income inequality over the past 40 years apply equally to working and retirement age households in the UK, and if so, why this might be so.

Drawing on data from the Office of National Statistics, various indices of income inequality have been calculated among retired and working-age households for the period 1977–2017.

Despite a broadly similar trend towards increasing inequality during the 1980s and into the 1990s among both types of household, income inequality among UK retired households has always remained below than that of working-age households. For retired and working-age households alike, the fortunes of those in the upper half of the income distribution have seen themselves do better. Despite the temporal contiguity, different explanations for both sets of inequalities seem to be required, and likely different strategies needed to ameliorate their more negative effects.

Few studies have conducted comparisons of inequality between retirement and working-age households over four decades in any country. The present study's long view suggests that factors creating inequality in the upper half of the income distribution may differ in both their cause and impact, compared with inequalities in the lower half. Arguably, the greatest need is to improve access to benefits for those retired householders at the bottom of the income distribution.

There is currently a major debate about the future of pension provision in Britain. Much of that debate concerns levels and sources of income. But there is also growing interest in the role that assets and bequests might play in raising people's living standards in later life. Based on a major new survey of attitudes to inheritance and assets, this article argues that assets will not fill the pensions gap for those on the lowest incomes as these groups are least likely to have assets and among those that do, there is more support for the concept of preserving assets for inheritance than among more affluent groups. Bequests will also fail to help those most in need of a windfall as receipt of inheritances currently benefits the most affluent groups. However, among those with assets, there does seem to be more interest in liquidating assets, including housing assets, than previous research has suggested. Some people, therefore, are prepared to liquidate their assets in later life to supplement their income.

Considers the way in which UK and American pension schemes are structured for women’s poverty and social exclusion in later life. Analyses recent trends in women’s employment and the impacts on current pension structures. Looks at the impact of different pension schemes and goes on to cover the effect on different classes and ethnicities. States that childcare is currently uncrecognised within pension systems as it is unwaged work and can lead to serious adverse financial impacts on women undertaking this role.

Studies of later life are increasingly emphasising its positive aspects as a time which is not necessarily linked to decline and dependency. Gender is also accepted as an important variable in the experience of advancing years. However, the significance of ethnicity is less often emphasised. Based on preliminary analyses from research with older women from a variety of ethnic backgrounds, this article focuses on what they identify as important in terms of living their later years. The article emphasises migration and cultural differences in perceptions of ageing. It concludes with a discussion of the meanings of empowerment.

The purpose of this paper is to examine the language and cultural assumptions that government uses when proposing policy reforms for the financing of later life, especially in promoting the financial capability of citizens. The author asks what the implications of this political construction are for society.

The author examines UK government policy documents from the foundation of the Financial Services Authority in 1997 until 2013. The author analyses these documents to understand the discourses of government for the financing of later life, how powerful these discourses are, and what influence they have on policy and society.

The paper shows that the government considers the promotion of the financial capability agenda to be a solution to structural problems in the provision of old age welfare. By controlling the discourse, non-market-based discussions of welfare are closed and any need for examination of the structural causes of inequality in old age is made invisible. The discourse prevents critique of the individualisation of risk and market provided welfare and service delivery, and failures of policy become the failures of individuals as both consumers and regulators.

The financial capability agenda sounds so sensible and has enrolled so many different organisations in its delivery that it is rare to reflect on the cultural and political assumptions that lie behind these discourses. When these are analysed, the author observes that individualised discourses surrounding money and welfare in later life are so powerful that more collective solutions to issues of financial welfare are closed off from public debate and discussion.

The purpose of this paper is to investigate psychographic, demographic and situational characteristics of Baby Boomer generation consumers, specifically in relation to their consumption of financial services.

A survey was pre‐tested and 776 responses (77.6 per cent response rate) were subjected to correlation and ANOVA analysis. The survey covered a wide range of variables for decision making for financial services, including situational, demographic, and psychographic.

Consumers who scored higher on scales for competitiveness and need for material resources tended to have higher incomes. Mature consumers were likely to face major life events involving their children and parents, but these events were least likely to prompt the use of a financial service adviser. However, some respondents showed a propensity for seeking financial advice in relation to many types of life events. There were also relationships between seeking financial information from certain service providers.

The paper's findings assist in building a picture of the psychographic and behavioural tendencies of the largest age cohort.

The findings suggest strategies for: cross‐selling through referral networks of different financial service providers; communications to increase awareness of the likelihood of financial pressures from aging parents, potentially concurrently with adult children; and lead generation based on the likelihood of having a higher income, seeking financial advice and using financial services.

There is a dearth of literature on the consumption behaviour of mature consumers in relation to financial services. Financial services are a major industry in most developed economies and sound financial management is critical for the Baby Boomer cohort. This paper assists in understanding this significant market to facilitate enhanced marketing strategies.

This study aims to illustrate the viability of the life course paradigm (LCP), which is increasingly used by social and behavioral scientists to study a wide variety of phenomena, as a framework for studying the transformational role of service consumption in improving consumer well-being in later life.

The LCP is used to develop a life course model for studying the effects of service consumption on older people’s well-being. Previous research related to the consumption of specific types of services (financial and healthcare) is integrated within the multi-theoretical LCP to suggest relevant model variables and derive a set of propositions for illustrating the effects of service consumption on older adults’ well-being.

The research presented in this study shows how efforts to study the effects of service consumption on older people’s well-being can be improved by using the LCP, helps understand the onset and changes in service consumption patterns and illustrates an innovative way to study the role of services in promoting older consumer welfare.

By applying the principles and theoretical perspectives of the LCP, this study contributes to recent transformative service research efforts to better understand the impact of service consumption on people’s lives and the transformational role of services and service providers in improving consumer and societal welfare.

The dramatic ageing of societies will not be addressed successfully by generalised policies for all older people, but by concerted action to tackle major inequalities in income, health and well‐being and social inclusion. Such approaches must form part of a life course strategy which deals with disadvantages owing to gender, ethnicity and socio‐economic origins and uses mid‐life and retirement as windows of opportunity. Paradoxically, the current economic difficulties cause the right conditions for a new drive to reduce unequal ageing. A concordat is needed across state, business, voluntary sector and media if it is to be a realistic possibility.