Retirement Years Research Articles

Impact of the transition to retirement on alcohol consumption: a longitudinal analysis within SHARE

Abstract In an ageing society, the impact of retirement on behavioural risk factors and health status needs to be carefully assessed. Evidence on the short-term and long-term effects of retirement on alcohol consumption are contrasting and inconsistent. A longitudinal study was conducted based on data from the Survey on Health, Ageing and Retirement (SHARE) collected between 2004 and 2020 in 27 European countries and Israel. A repeated measure generalised estimating equation (GEE) model was fitted to estimate the relative risks (RR) and corresponding 95% confidence intervals (CI) of alcohol consumption (frequency, quantity, and binge drinking) at different time periods before and after retirement. We selected a cohort of 8,998 individuals who were employed at baseline and retired during follow-up (median follow-up: 9 years; maximum: 16 years). Compared to the year of retirement, the RR for habitual daily or near-daily drinking was 0.88 (95%CI 0.76-1.02) 10 years before retirement and 0.92 (95%CI 0.83-1.02). This pattern reversed post-retirement with a RR of 1.12 (95%CI 1.01-1.23) 3-4 years after retirement and 1.28 (95%CI 1.11-1.48) 10 years or more after retirement. No significant changes in the consumption of high volumes (more than 8 units of alcohol) were observed: while the frequency of regular drinking might increase post-retirement, the instances of heavy episodic drinking do not necessarily rise. Additionally, a reduction in occasional heavy drinking episodes was noted both before (RR 0.86; 95%CI 0.77-0.95, 5-9 years prior) and after retirement (RR 0.78; 95%CI 0.66-0.93, more than 10 years after). These findings underscore the complexity of alcohol use behaviours in the context of retirement. The increase in regular drinking post-retirement might be attributed to changes in daily structure, social interactions, or coping mechanisms for life transitions. The decline in binge drinking suggests a shift towards more moderated consumption patterns as individuals age. Speakers/Panelists Licia Iacoviello University of Insubria, Varese, Italy João Vasco Santos University of Porto, CINTESIS, ARS Norte, Porto, Portugal

Impact of retirement on physical activity in older adults: a longitudinal analysis from SHARE

Abstract Background With ageing populations experiencing longer post-retirement years, understanding the influence of major life transitions on health behaviours such as physical activity (PA) is crucial. This study assesses how retirement affects PA levels by analysing longitudinal data from the Survey of Health, Ageing and Retirement in Europe (SHARE). Methods This analysis utilised longitudinal data from 2004 to 2020, categorising PA according to WHO guidelines adapted to individual-level data from successive waves of SHARE. The study examined the relative risks (RR) of being physically active, using generalised estimating equation models to compare periods before and after retirement. Results The cohort consisted of 8,998 individuals aged 50 and older who were employed at baseline and retired during the study period. Initially, 83.6% of participants were categorised as physically active. A noticeable decline in PA was observed post-retirement, with RR decreasing from 1.08 (95%CI 1.07-1.10) more than 10 years before retirement to 0.90 (95%CI 0.88-0.93) more than 10 years after retirement, compared to the year of retirement. Previously inactive individuals often increased their PA levels, peaking 3 to 4 years post-retirement (RR increased from 0.79, 95%CI 0.70-0.88, to 1.49, 95%CI 1.36-1.63), suggesting a temporary boost in moderate-intensity PA during the so-called “honeymoon phase”. Conclusions Retirement can serve as a window of opportunity for enhancing leisure-time PA, particularly among those previously inactive. Sustained increases in PA are less common, highlighting the need for targeted interventions to support continued engagement in PA among retirees. The variations in PA trends suggest that interventions should be tailored to individual characteristics such as age at retirement, previous job type, and educational background to maximise public health impact. This study underscores the challenges of ensuring long-term health benefits through PA. Key messages • Retirement significantly alters physical activity patterns, highlighting an opportunity for targeted health interventions. • Longitudinal data reveals critical periods post-retirement that could benefit from public health strategies to maintain or increase physical activity among older adults.

A Conceptual Framework of the Retirement Savings Behavior among Civil Servants in Malaysia

The feasibility of maintaining a comfortable standard of living for civil servants in Malaysia is frequently questioned due to their reliance on pensions as the primary source of retirement funds, which may not suffice to cover the rising retirement costs. To address this issue, civil servants could consider accumulating savings during their working years instead of solely depending on pension disbursements. This academic discourse examines the effect of the independent variables of attitudes towards retirement savings (financial risk tolerance, past behaviours, and subjective norms as psychological elements) and financial considerations (tax incentives) on retirement savings behaviour. Additionally, the research also explores the moderating role of perceived government policy and perceived behavioural control with its antecedents, namely financial literacy, self-control between the independent variables, and retirement savings behaviour among civil servants in Malaysia. Drawing from the extended interactive theory of planned behaviour, amalgamated theories comprising the interactive theory of planned behaviour, rationale choice theory, and the behavioural economic model and existing literature, this article introduces a conceptual framework detailing the determinants influencing the RSB of civil servants in Malaysia. The proposed framework has the potential to benefit various stakeholders, particularly civil servants seeking to prepare adequately for their retirement years.

Depressive symptoms across the retirement transition in men and women: associations with emotion regulation, adjustment difficulties and work centrality

BackgroundRetirement is a major life event and factors driving depression in the retirement transition might differ in men and women. The aim was to prospectively study depressive symptoms across the retirement transition in men and women and to test associations with emotion regulation strategies (suppression and reappraisal), adjustment difficulties, and work centrality.MethodsThe sample included 527 individuals from the population-based Health, Aging and Retirement Transitions in Sweden (HEARTS) study who were working at baseline and retired during one of the following four annual measurement waves. Participants contributed with a total of 2635 observations across five measurement waves. Depressive symptoms were measured with the Center for Epidemiologic Studies Depression Scale (CES-D); total score was modelled as a function of time to and from retirement. Changes over the retirement transition were analyzed with multilevel growth curve models. Gender differences in associations with emotion regulation, adjustment difficulties and work centrality were examined by including interaction effects with sex.ResultsWe observed a general reduction of depressive symptoms in the early years of retirement in both men and women. Higher suppression was related to higher depression scores while higher cognitive reappraisal was related to lower levels of depressive symptoms. Women more often used cognitive reappraisal, and men more often suppression, but no significant gender interaction in associations with depressive symptoms could be shown. Retirement adjustment difficulties and greater importance of work for self-esteem were related to higher depression scores. Greater meaning of work, on the other hand, was related to lower levels of depressive symptoms, and this association was stronger in men.ConclusionsThere was a general reduction of depression scores in the early years of retirement in both women and men. Findings suggest that basing one’s self-esteem on workplace performance was related to higher levels of depressive symptoms after retirement, while perceiving one’s job as important and meaningful may facilitate better adjustment in terms of lower depression symptom levels, especially in men.

Gendered Parenthood-Employment Gaps from Midlife: A Demographic Perspective Across Three Different Welfare Systems

Women’s labor force participation has increased in Western countries, but gender gaps remain, especially among parents. Using a novel comparative perspective, we assess women’s and men’s employment trajectories from midlife onward by parity and education. We provide insights into the gendered parenthood-employment gaps examining the long-term implications of parenthood beyond the core childbearing ages by decomposing years lived between ages 40–74, in years of employment, joblessness, and retirement. Using multistate incidence-based life tables, we compare different cultural and institutional contexts: Finland, Italy, and the USA. Our results document large cross-national variation, with education playing a key role. In Finland, the number of years of employment increases with parity for women and men, and the gender gap is small; in the USA, the relationship between parity and years of employment is relatively flat, although a gender gap emerges among those with two or more children; in Italy, the number of years of employment decreases sharply for women as parity increases, while it increases for men. Notably, education has a similar positive impact on years of employment across all groups in Finland. In contrast, in the USA and Italy, the gender gap is only half as large among highly educated mothers as it is among low educated mothers. The employment trajectories of childless women and men differ greatly across countries.

WITHDRAWN: Addressing China’s retirement Dilemma: Exploring strategies to balance life expectancy and leisure preference

We construct an overlapping generation model (OLG) that reflects workers’ endogenous retirement intention and retirement age, and examine the effects of increased life expectancy and leisure preference on individuals’ retirement age choice, with a specific focus on China’s unique demographic and economic context. The deepening degree of population aging in China may lead to a series of economic and social challenges if not properly addressed. Our findings suggest that as life expectancy rises, individuals may choose to work longer and retire later to accumulate more resources for their extended retirement years. However, with fewer young people entering the workforce and an increasing older population, labor shortages and pressures on the pension and healthcare systems are of paramount concern. The results have significant implications for policy-making in China, emphasizing the need for strategic adjustments to retirement age policies and leisure preferences to sustain economic growth and manage the aging population crisis.

Working life as a double-edged sword: Opposing changes in subjective well-being surrounding the transition to work and retirement.

The work role is crucial for one's identity and subjective well-being. From a role enhancement perspective, subjective well-being might increase after the transition to work and decrease after retirement. From a role strain perspective, the opposite might be true. Thus, entering and leaving working life might have benefits and costs, leading to improvements in some but impairments in other well-being indicators. To test these assumptions, we examined short- and long-term changes in life satisfaction, happiness, sadness, anxiety, and anger in the 5 years before and 5 years after the transition to work and retirement, respectively. Between 2007 and 2019, each facet of subjective well-being was repeatedly assessed in 2,720 (expectant) career starters and 2,007 (expectant) retirees from the German Socio-Economic-Panel Study. Multilevel analyses adjusted for time-dependent confounders indicated that young adults were more satisfied with their lives in (but not beyond) the first year of working life compared to before, which is in line with set-point theory. In the first 5 years of working life, career starters became happier but also angrier, supporting both the role enhancement and the role strain perspective. Older adults became less satisfied, less happy, sadder, and more anxious in the 5 years before retirement. However, in and after the first year of retirement, they were more satisfied, happier, less anxious, and less angry than before, supporting the role strain perspective. Our findings show that working life is a double-edged sword that influences individual well-being indicators in partially opposing ways. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

The Spillover Effects of the Spouse's Retirement on Depression: Evidence From Chinese Middle-Aged and Older Adult Couples.

The present study expands on previous research by examining whether the spouse's retirement affects individual depression both directly, by the changes in individual health investment, and indirectly, through the social interaction effect of the couples' depression. Using the panel data from the 2010-2018 China Family Panel Studies, we investigate the direct and indirect spillover effects of the spouse's retirement on depression among Chinese urban-worker couples (men aged 50-70, women aged 40-60; n = 10,466). To address the potential endogeneity and reflect the social interaction effect of the couples' depression, we combine the Fuzzy Regression Discontinuity method with simultaneous equations. Overall, a spouse's retirement would improve an individual's depression, with the direct spillover dominating compared to the indirect spillover. Gender heterogeneity indicates that husbands' depression is improved by wives' retirement mainly because husbands might receive more healthcare and companionship provided by their retired wives, while wives' depression is aggravated by husbands' retirement because of the decline in household income and the lesser health investment. This difference is more evident when wives retire earlier and both spouses retire in the same year. With the spouse's retirement years increasing, husbands' depression improves and wives' depression declines each year. Moreover, spouses' depression is significantly interactive, and wives' depression is more vulnerable to husbands' depression. The results highlight that the health spillover effects of the spouse's retirement need greater attention in future research and retirement reform.

Does new energy demonstration city policy curb air pollution? Evidence from Chinese cities

China has embarked on realizing a green-oriented energy structure transition with a series of policy tools. In 2014, the National Energy Administration launched a new energy demonstration city (NEDC) policy, but its effect on air pollution mitigation has not been fully examined. By employing the Difference-in-difference strategy, this study examines the effect of the NEDC policy on air pollution mitigation with Chinese prefecture-level city data. The results reveal that the NEDC policy can significantly lead to a 0.13-unit drop in SO2 emissions. The NEDC policy curbs pollution by stimulating green investments, promoting green technology innovation, advancing resource allocation efficiency, and reducing energy consumption. The effect of the NEDC policy appears to be heterogeneous under different conditions. Furthermore, this phenomenon is more conspicuous in prefectures led by older officials, where the age incentives nearing the promotion golden age threshold amplify the effects of air pollution mitigation, while those nearing retirement years exacerbate such effects. Notably, the interaction effect between environmental regulations and the NEDC policy on air pollution mitigation is elucidated. Moreover, positive spatial spillover effects extending to neighboring regions are identified, underscoring the imperative of regional collaboration and technological diffusion. Based on the findings above, several policy implications are proposed.

Patterns of work and retirement in a pension system with a flexible old-age retirement age: a register study of Finnish employees and self-employed persons born in 1949

Abstract The aims of this study were to explore patterns of work and retirement of Finnish employees and self-employed persons in a pension system with a flexible old-age retirement age and how income develops in these patterns. We used individual-level register data from Statistics Finland of the total Finnish birth cohort born in 1949. The cohort was 62–70 years old over the study period 2011–2019. Sequence and cluster analyses were used to identify typical trajectories of individuals’ transitions in and out of salaried work and self-employment and work in old-age retirement. Our analysis yielded a ten-cluster solution: four clusters were found for employees who did not continue working in retirement (62%), four clusters for those employees who continued working in retirement (26%), and two clusters for the self-employed (12%). The clusters differed by the timing of retirement. The results showed that employees who retired earlier on an old-age pension and who were not working afterwards had lower incomes. Their incomes also decreased after old-age retirement. Employees who worked for several years in retirement had higher incomes which remained stable between the ages of 62 and 70. We found two types of self-employed persons: those who continued working in retirement with high incomes and those who stopped working earlier and had lower incomes. The results indicate that inequalities between lower and higher income groups might become exacerbated in a flexible retirement system.

Pessimistic realistic or aware? – Hungarian youth’s pension expectations

Pension awareness is a specific part of financial awareness focusing on material preparation for the years of retirement at an unknown time to start in the distant future. Its starting point is dual: on the one hand, a recognition of longevity risk and, on the other hand, a proper assessment and planning of future options based on the individual’s current financial position. In this study, we wanted to survey the expectations of Hungarian university students about the state pension system, so we conducted online research with questionnaires. Three groups of questions were devised, (i) expectations of the state pension system, (ii) the generosity of the pension system, and (iii) retirement age. Pension-related expectations show that young people, in general, are quite pessimistic and regard the ageing society as the most worrying factor. Expectations about the generosity of pensions are also pessimistic, both in terms of replacement rate and the rate of state pension compared to pensioners’ total income which is estimated lower than it would actually be under the current laws. Expectations of retirement age reflect the European trends; the youth asked typically plan to retire at 65+. We also looked into regional differences and found the youth of Budapest and the Central-Hungarian region were quite negative on every issue while there were differences in other regions. Young people in Northern Hungary have a higher than average positive view of their retirement prospects. The negative attitude can be explained by the lack of transparency of the pension system and limited access to information. Also, because the reform of the state pension system is delayed in this country, respondents have major issues about its sustainability. Our findings can be important input for decision makers to shape the attitude of pension savings and retirement preparations.

Optimal decisions under price dynamics for Roth conversions

AbstractRetirees are faced with a variety of choices during their working and retirement years on how to best support their retirement lifestyle and estate planning goals. One of these choices is the option to convert a portion of their pretax savings from a tax‐deferred account (TDA) into a tax‐exempt Roth account. In this article, we quantify the Roth conversion payoff and when/how it depends on investment returns. We show that, while the use of taxable account assets may produce a larger payoff than early withdrawals from the Roth IRA, large unrealized taxable account gains and estate plans may change this calculus. Our work provides a recommendation on how current dividends or cash versus appreciated assets should be used to optimize Roth conversion payoffs, and informs FinTech companies and robo‐advisors on how to best support this important option for millions of current and future retirees.

The perfect withdrawal amount over the historical record

What has been the perfect withdrawal amount (PWA) from retirement savings accounts in long- term historical data? The PWA is that which, if taken out in the first year of retirement and used again every year adjusted by inflation, leaves exactly the desired final balance on the account. We present the formula for obtaining this measure and evaluate the values it has taken in the past under varying combi- nations of the relevant parameters. We find that safety-minded investors should enter retirement with a higher stock allocation than what is currently used in most investment funds designed to provide income during retirement.

Retirement pension poverty among injured workers with long-term workers’ compensation claims

AbstractAchieving adequate incomes to sustain people in their retirement years is a challenge. This paper addresses poverty among injured workers of retirement age when they have been receiving workers’ compensation benefits. Guided by governmental management theory, we address procedures that have operated without media or scholarly attention, in order to highlight details in workers’ compensation retirement pension policy that contribute to injured worker poverty in older age in Ontario, Canada. We used a mixed methods approach, applying critical discourse analysis to explain (a) policies related to retirement income; (b) rationales that supported a legislative change that reduced retirement pensions; and (c) workers’ experiences of living with a workers’ compensation pension. Although workers’ compensation board retirement income policy was intended to make up for loss of contributions to the Canadian federal pension fund, the Ontario injured workers’ retirement pension now pays less than half of the amount workers would have received in the federal pension,a trend that is observable across Canadian provincial workers’ compensation boards. Legislative debates about the 1998 bill that halved the Ontario injured workers’ retirement pension centred on neoliberal logic of fiscal responsibility. Injured workers and key informants in this study expressed trepidation about injured workers’ financial futures.

Development and evaluation of a theory-based health promotion programme aimed at improving retirees’ psychological well-being and quality of life: a protocol for a mixed-method study

IntroductionThe changes that retirees experience during their retirement years will challenge their ability to cope, potentially endangering their health and quality of life. This study aims to design and evaluate...

Trajectories of hospitalizations after age-based statutory retirement

Retirement years are ideally spent in good health. We aimed to produce new information using person-oriented methods by identifying groups of statutory retirees who did or did not achieve this objective and the factors that distinguish these groups from each other. Our particular focus was on the years directly after the transition into retirement, and the pre-retirement factors that explained the development of health, using a more severe health-related outcome—hospitalization. We studied the retirement, hospitalizations, education, and work characteristics of former employees of the City of Helsinki, Finland (N = 6569), from complete registers. We used group-based trajectory models and identified groups of constant low, constant high, decreasing, and temporarily occurring hospitalizations, and one group of increasing hospitalizations among women and two groups of earlier and later increasing hospitalizations among men. Multinomial regression models showed that among women, belonging to groups with less favourable health was associated with secondary education, older age at retirement, and reduced working hours. Education and work characteristics before retirement both contribute to the development of health, as indicated by hospitalizations directly after retirement. Our findings show that socioeconomic inequalities in health are persistent and should also be addressed after transition into retirement.

Impact of transition to retirement on the risk of depression and suicidality: results from the Survey of Health, Ageing and Retirement in Europe (SHARE)

Abstract Background Depression is among the main contributors to older adults’ mental health burden. Retirement, as a major life transition, has been claimed to influence mental health substantially. Methods To assess short- and long-term impacts of transitioning to retirement on depression risk and suicidality in older adults across Europe, we conducted a longitudinal study using data from the SHARE, collected between 2004 and 2020 in 27 European countries plus Israel. To estimate relative risks (RR) for depression and suicidality at seven time intervals before and after retirement, we fitted adjusted generalised estimating equation models for repeated measures. Results We included 8,998 individuals employed at baseline and retired at follow-up. Compared to the year of retirement, the risk of depression was 11% lower in the following year (RR 0.89; 95% CI 0.81-0.99), 9% lower after 2 years (RR 0.91; 95% CI 0.82-1.00) and after 3 years (RR 0.91; 95% CI 0.81-1.01). Significant estimates remained among females, married individuals, those with an intermediate or higher level of education, former manual workers and those who retired at or before their country's median retirement age. A significant increase in depressive symptoms emerged from the tenth year after retirement among former non-manual workers (RR 1.21; 95% CI 1.05-1.40) and late retirees (RR 1.37; 95% CI 1.16-1.63). As for suicidality, we reported an increase in risk only 5 years or more after retirement: +30% 5-9 years after retirement (RR 1.30; 95% CI 1.04-1.64) and +47% 10 or more years after retirement (RR 1.47; 95% CI 1.09-1.98). Conclusions Longitudinal data suggest an independent effect of retiring associated with a reduction in depression and suicidality risk in the short run, with its effect decreasing in the long run. If greater flexibility in pensionable age may help prevent depression late in life, the transition to retirement is to be accompanied by targeted health promotion interventions.

Impact of the transition to retirement on smoking habit: longitudinal results from SHARE project

Abstract Background In an ageing society, the impact of retirement on behavioural risk factors and health status needs to be carefully assessed. There are few longitudinal studies on the short-term and long-term effects of retirement on smoking habits. Methods A longitudinal study was conducted based on data from the Survey on Health, Ageing and Retirement (SHARE) collected between 2004 and 2020 in 27 European countries and Israel. A repeated measure generalized estimating equation (GEE) model was fitted to estimate the relative risks (RR) and corresponding 95% confidence intervals (CI) of smoking status and its intensity at seven different time periods before and after retirement. Results We selected a cohort of 8,998 individuals who were employed at baseline and retired during follow-up (median follow-up: 9 years; maximum: 16 years). Compared to the year of retirement, the RR for smoking was 1.59 (95% CI 1.44-1.76) 10 years before retirement and 1.35 (95% CI 1.25-1.46) from 5 to 9 years before retirement, and 1.18 (95% CI 1.10-1.27) from 1 to 4 years before retirement. Smoking habits decreased steadily after retirement, with a RR of 0.94 (95% CI 0.87-1.01) from 1 to 4 years after retirement, 0.76 (95% CI 0.69-0.84) from 5 to 9 years, and 0.58 (95% CI 0.46 to 0.74) 10 years or more after retirement. For ever-smokers, the estimated daily number of cigarettes smoked decreased from about 27 cigarettes/day at 10 years or more before retirement to 9 cigarettes/day at 10 years or more after retirement (p-trend <0.001). Conclusions Longitudinal data suggest that positive lifestyle changes and adaptations may occur as people reach retirement age. Further research is needed to better guide strategies that promote healthy ageing. Key messages • Our findings indicate that retirement has a positive impact on smoking habits, regardless of geographical and individual sociodemographic factors. • This study is the first to examine the short- and long-term effects of retirement transition on risky behavior among a large European retiree cohort using SHARE data.

Продолжительность трудовой жизни населения арктического региона в контексте современных социально-демографических изменений

Finding ways to improve resource utilization in the labor market is a pressing socio-economic concern. The problem of population aging, a contemporary demographic issue, is currently being addressed by extending work life. This study analyzes work-life expectancy, using one of the regions in the Russian Arctic, namely the Arkhangelsk region, as an example. The study spans 11 years, from 2010 and 2021, encompassing the first results of the pension reform and the demographic repercussions of the Covid-19 pandemic, notably marked by a dramatic decrease in life expectancy. The key research method utilized is the Sullivan method, grounded in age-specific mortality rates and the economic activity of the opulation. Particular emphasis is placed on analyzing life expectancy trends for males and females aged 15 to 50. The findings reveal a positive trend during periods of relative socio-economic stability, contrasting with a decline during the pandemic years. Notably, there is less gender disparity in working life expectancy in the region compared to the rest of the country. This observation suggests that despite the option for earlier retirement, women's tenure in the labor market is almost equivalent to that of men. The pandemic-induced drop in life expectancy has significantly reduced periods of economic inactivity, i.e., the number of retirement years. The prospects of this research involve examining periods of employment, unemployment, and economic inactivity across specific age groups within the human life cycle to analyze whether workforce potential is used to the fullest. The findings of the study can be used to improve the region’s policy in fields such as employment, social security,and population maintenance.

The Investigation of Intergenerational Cash Transfer, Financial Status, Loneliness Status and Labour Force Participation of Elderly People in Malaysia Using Stata

The increase in the number of elderly individuals and a decrease in the birth rate has caused significant worry about the availability of future labor force in Malaysia. Therefore, it is crucial to examine the participation of elderly individuals in the workforce. Based on the literature review, few gaps have been identified. According to Husain (2019), the modernization process will affect the traditional view of family and community support, leading to a decrease in financial support for older people as the filial piety custom fades away. Vaghefi et al. (2016) found that a significant number of elderly people have lower retirement income, and they are likely to use up their financial resources within three years of retirement. Abdullah's study (2019) shows that Malay and Indian elderly individuals are more financially vulnerable than Chinese elderly individuals. Loneliness is a common issue among the aging population, and approximately one out of four elderly individuals in developed nations experience loneliness (Guthmuller, 2022; Chawla et al., 2021). Loneliness has an indirect influence on the labor force participation of elderly individuals, as it is linked to poor health (Wang, 2022), which could limit their ability to work. There is a lack of research on the relationship between intergenerational cash transfers, financial status, loneliness status, and labor force participation of elderly individuals in Malaysia. Thus, further investigation is needed to examine the impact of intergenerational transfers, financial status, and loneliness status on the labor force participation of elderly individuals in Malaysia. Keywords: Elderly People, Intergenerational Cash Transfer, Financial Status, Labour Force Participation, Loneliness Status