The Consequences of Financial Hardship (and Recessions) on Income and Welfare
The Consequences of Financial Hardship (and Recessions) on Income and Welfare
This chapter uses life-history data covering a number of European countries (SHARELIFE) to analyse the long-term effects of a financial hardship episode on different indicators of well-being. We study individual earnings (at the time of the survey for the employed, at the time of the main job for the retired), as a measure of labour market success; household food consumption (as a living standard indicator), and a permanent income measure. We look at two distinct health measures: one that is based on objective conditions; the other that is a self-reported health status variable that captures both objective health and the individual perception of it. In all cases we are able to show not only the effects of a financial hardship episode, of its length and timing in life, but also the differential impact such an episode has if experienced at school-leaving age or during an economic downturn.
Keywords: financial hardship, scarring effects, permanent income, Engel curve, welfare, well-being, health, subjective health, perceptions
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