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Assignment -1
001248438
Nikhil Sharma
MGT -2700 Business research methods
October 30,2024
Bahareh Mosadegh Sedghy
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Introduction
The increasing number of people working past the traditional retirement age in the
developed countries has raised more concern with regard to their welfare. As retirement
ages have gone higher and pension coverage has become more limited, more seniors rely on
part-time work to make ends meet. This research aims at determining if working part time
among seniors above 65 years can lead to sufficient financial support. To address this issue,
policymakers have to analyze possible financial models for elderly people’s maintenance to
preserve their resources and establish guidelines, as the consequences affect the elderly
most directly and immediately. Today, 19% of the population of American people 65 and
older are working. This is a significant increase from only 10% recorded in late 1980s (Kim,
2024). Economic need, driven by stagnant wages and rising living costs, is a significant
factor as 43% of the adults of 55-64 years are not saving for retirement as of 2022 (Kim,
2024). This research stems from demographic factors that influence economic development
and labor force engagement. The increase in the aging population may affect labor supply
and demand and it is therefore important to look at whether having more part-time
workers aged 65 years and above can provide adequate retirement income. This highlights
lack of comprehensive retirement savings plans. Policy changes, such as strengthening
Social Security and improving labor standards, could help alleviate these economic
pressures and allow more seniors the choice to retire if they wish. If this problem is not
addressed then it could have devastating social and economic repercussions on
communities that are affected. Poverty among the elderly may lead to reliance on public
services; it may exacerbate the problem of unequal distribution of income; quality of life
would decline for this significant population group. Therefore, the findings of this
investigation can inform policies that seek to augment income security in later life through
understanding the effects of part-time work on seniors’ finances. The primary aim of this
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study is to investigate whether part-time work significantly impacts the aggregate income
of employed seniors aged 65 and over, analyzing differences between men and women in
this demographic. The subsequent parts of this paper cover literature review of the related
previous studies, followed by the Methodology, which describes the approach that will be
used in the study, and the expected findings. data collection and data analysis, results and
the summary which highlights the most important information of the research.
Literature review
In a cross-sectional study conducted in the UK in 2024, Perera et al., examined the
relationship between employment and mental health in seniors aged 65–74. The aim was to
establish whether extended working beyond statutory retirement age affects mental
disorders (CMD) in this population. Here, non-employment correlated with common mental
disorders. the study found that other aspects apart from employment such as stability in the
economy may have an impact on seniors’ mental health.
In 2022, Kudo and Toyoda analyzed the factors contributing to the acceptance of
employment among registered nurses, particularly those of 65 years old and older in
Japanese hospitals through the opinions of the nurses under 65 years. This revealed that the
health and job performance, utilization of the experience of older nurses, and reduced
workload were positively associated with acceptance.
In 2019, Watts et al. undertook a study with the aim to establish if income below
minimum income required for healthy living (MIHL) leads to frailty among working seniors65 years and older. The results showed that individuals with incomes below MIHL had
significantly increased odds of frailty according to Fried’s phenotype and Rockwood’s Index,
and longer durations below MIHL
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Chia and Hartanto (2021), explore the effects of employment on the quality of life of
the older population based on social, psychological, and subjective outcomes. In this
instance, their aim was to establish the link between well-being and employment among the
seniors. The authors noted that employment status did not significantly influence wellbeing, yet some aspects of well-being, notably, the role in society and personal
development, correlated with continuous employment.
In 2015, Bloom et al. discussed the macroeconomic consequences of ageing and
possible measures in relation to seniors. It aimed at reducing apprehensions that with a
growing pool of elderly people, fewer people would contribute to the economy and would
burden pension and healthcare costs. The study suggested that despite lower workforce
employment rates due to ageing, measures that should be taken as a part of rational policy
include increasing retirement ages, improving and expanding the availability of health and
long-term care, and encouraging lifelong education and training. Such measures ensure that
seniors remain economically active within society, thereby enhancing economic stability
In 2016, Maestas et al. analyzed the economic consequences of the increased
percentage of ‘‘older adults,’’ defined as individuals aged 60 and over, in the US. As such,
their aim was to compare the effects of an aging population on the rate of economic growth
using factors like workforce and productivity. The study established that each 10% increase
in the people over the age of 60 years led to a 5.5% decline in the GDP per capita because of
low productivity and labour force participation.
Above studies, such as Perera et al. (2024), have investigated employment on
seniors’ mental health, and Kudo and Toyoda (2022) have explored older nurses’ workforce
acceptance. Watts et al. (2019) associated low levels of income with frailty among seniors
while Chia and Hartanto (2021) examined the relationship between employment and
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quality of life. However, these studies fail to focus specifically on the impact of part-time
employment on aggregate income among seniors aged 65 and over.
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References
Bloom, D. E., Chatterji, S., Kowal, P., Lloyd-Sherlock, P., McKee, M., Rechel, B., ... & Smith, J. P.
(2015). Macroeconomic implications of population ageing and selected policy
responses. The Lancet, 385(9968), 649-657.
Chia, J. L., & Hartanto, A. (2021). Older adult employment status and well-being: A
longitudinal bidirectional analysis. International Journal of Environmental Research
and Public Health, 18(23), 12533.
Kim, W. (2024, February 26). Older Americans are working longer. Some want to; others
have to. How long will baby boomers keep working? For some, the answer is
forever. Vox. https://www.vox.com/money/24080062/retirement-age-babyboomers-older-workers
Kudo, Y., & Toyoda, T. (n.d.). Facilitating the acceptance of employment of older registered
nurses among Japanese female registered nurses younger than 65 years old.
Yokkaichi Nursing and Medical Care University, Japan.
Perera, G., Glaser, K., Di Gessa, G., & Stewart, R. (2024). Paid employment and mental health
in 65–74-year-olds: Analysis of national data from 2000, 2007, and 2014.
International Journal of Geriatric Psychiatry, 39(10).
https://doi.org/10.1002/gps.6143
Watts, P., Blane, D., & Netuveli, G. (2019). Minimum income for healthy living and frailty in
adults over 65 years old in the English Longitudinal Study of Ageing: A population-
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based cohort study. BMJ Open, 9(2), e025334. https://doi.org/10.1136/bmjopen2018-025334