Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/260218 
Year of Publication: 
2017
Series/Report no.: 
Working Paper No. 2017:9
Publisher: 
Lund University, School of Economics and Management, Department of Economics, Lund
Abstract: 
Education and wealth are positively correlated for individuals approaching retirement, but the direction of the causal relationship is ambiguous in theory and has not been identified in practice. We combine administrative data on individual total wealth with a reform expanding access to lower secondary school in Denmark in the 1950s, finding that schooling increases pension annuity claims but reduces the non-pension wealth of men in their 50's. These effects grow stronger as normal retirement age approaches. Labour market mechanisms are key, with schooling increasing job mobility, reducing housing equity, increasing leverage, and improving occupational pension benefits.
Subjects: 
Education
Wealth
Labour market mechanisms
Pensions
Housing equity
Portfolio composition
Instrumental variable
JEL: 
D31
G11
I24
I26
Document Type: 
Working Paper

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