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dc.contributor.authorViforJ, Rachel
dc.contributor.authorWood, Gavin
dc.contributor.authorCigdem, M.
dc.date.accessioned2021-09-10T04:56:06Z
dc.date.available2021-09-10T04:56:06Z
dc.date.issued2021
dc.identifier.citationOng, R. and Wood, G.A. and Cigdem, M. 2021. Housing wealth, mortgages and Australians’ labour force participation in later life. Urban Studies.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/85409
dc.identifier.doi10.1177/00420980211026578
dc.description.abstract

In the life cycle model of consumption and saving, homeownership is an important vehicle for horizontal redistribution. Households accumulate wealth in owner-occupied housing during working lives before benefiting from imputed rent streams in retirement. But in some countries housing wealth’s welfare role has broadened as owners increasingly use flexible mortgages to smooth consumption during working lives. One consequence is higher outstanding mortgages later in life, a burden exacerbated by high real house prices that compel home buyers to demand mortgages that are a growing multiple of their incomes. We investigate whether these developments are prompting longer working lives, an idea that is especially relevant in countries offering relatively low government pensions. Australia is one such country. We use the 2001–2017 panels of the Household, Income and Labour Dynamics in Australia Survey to estimate hazard models of exits from the Australian labour force as workers approach pensionable age. We find that those with high outstanding mortgage debts are more likely to postpone retirement, as are those with relatively low amounts of private pension wealth. These results are stronger in urban housing markets, and especially among males.

dc.languageEnglish
dc.publisherSAGE PUBLICATIONS LTD
dc.relation.sponsoredbyhttp://purl.org/au-research/grants/arc/DP190101461
dc.relation.sponsoredbyhttp://purl.org/au-research/grants/arc/FT200100422
dc.subjectScience & Technology
dc.subjectSocial Sciences
dc.subjectLife Sciences & Biomedicine
dc.subjectEnvironmental Studies
dc.subjectUrban Studies
dc.subjectEnvironmental Sciences & Ecology
dc.subjectAustralians
dc.subjecthousing wealth
dc.subjectlabour force participation
dc.subjectmature age
dc.subjectmortgage debt
dc.subjectPRECARIOUS EMPLOYMENT
dc.subjectRETIREMENT DECISIONS
dc.subjectSOCIAL-SECURITY
dc.subjectOLDER
dc.subjectHEALTH
dc.subjectAGE
dc.subjectPATHWAYS
dc.subjectINCOME
dc.subjectWORK
dc.subjectEXIT
dc.titleHousing wealth, mortgages and Australians’ labour force participation in later life
dc.typeJournal Article
dcterms.source.issn0042-0980
dcterms.source.titleUrban Studies
dc.date.updated2021-09-10T04:56:05Z
curtin.note

Ong, Rachel, et al. Housing Wealth, Mortgages and Australians’ Labour Force Participation in Later Life, Urban Studies. Copyright © 2021 (Urban Studies Journal Limited 2021). DOI: 10.1177/00420980211026578.

curtin.departmentSchool of Accounting, Economics and Finance
curtin.accessStatusOpen access
curtin.facultyFaculty of Business and Law
curtin.contributor.orcidViforJ, Rachel [0000-0001-8557-8802]
curtin.contributor.researcheridViforJ, Rachel [C-1097-2008]
curtin.identifier.article-numberARTN 00420980211026578
dcterms.source.eissn1360-063X
curtin.contributor.scopusauthoridViforJ, Rachel [18133832500]
curtin.contributor.scopusauthoridWood, Gavin [7401951115]


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