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Netherland high-tier and 6 months to 2 years -Asset-test co-contribution by wealth level, euros and per cent of total net wealth.
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The transition of the baby boomer bulge into old age and their increasing longevity will lift the numbers of elderly in residential aged care. Population ageing and associated fiscal pressures have motivated governments to shift responsibility for the financing of aged care to the individual. We consider policies that include owner-occupiers’ housi...
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Context 1
... (longer than 6 months) aged care residents are subject to higher tier arrangements. The simulation findings in Figure 4 capture the position of clients in the first two years of residence; the housing equity of former owners who subsequently retain ownership, is excluded from assessable assets over this period. Co-payments are much higher for single and partnered tenants; when assessable assets are e300,000 and the maximum allowable charge of e27,751 is reached, this is e23,571 (e23,891 if partnered) higher than under the low-tier formula. ...
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Many of the European migrant populations which settled in Australia in the three decades after World War Two are now much older, and their aged care and health care needs are changing. While there is a considerable literature on individual aspects of ageing in many migrant groups (particularly as it pertains to culturally appropriate aged care), li...
Citations
... Older people are often stereotyped as frail, sick, burdensome, dependent (Cook, 2011) and low in competence (ter Stal et al., 2020； Andreoletti et al., 2015. A large amount of research has paid attention to the potential adverse impact of aging on individuals, such as the decline of physical functions (Liu et al., 2020), the shrink of social networks (Wrzus et al., 2013), the loss of family members (Bordone et al., 2020), as well as the impact on social systems, such as the climbing healthcare cost and associated fiscal pressures (Buja et al., 2021;Wood et al., 2020). ...
The aging population is often labelled as a social problem, with a focus on their functional decline. Design interventions for aging usually play a role in functional compensation, which may risk damaging older people’s agency. Therefore, it is necessary to reimagine aging and change the mindsets of designing for aging. Inspired by empowerment theories, this study regards older people as resources and active agents; they can address many of their issues and continue making contributions to society. Case studies were conducted to identify different means of empowerment. Four modes of design empowerment strategies were identified. A set of design tools based on older people’s resources and the empowerment modes was developed to help transfer knowledge into practice. A design workshop was organized to evaluate the toolkit; it suggests the positive impact of the toolkit on the participant designers’ understanding of, and responses to, aging.
... Therefore, the state has adopted an asset-based approach to welfare in order to make housing equity a substitute for retirement benefits (Elsinga & Hoekstra, 2015). The Care Act 2014 introduced expense co-payments in care homes based on an occupants' housing wealth (Wood et al., 2020). Under this system, social care and accommodation costs are bundled together into one co-contribution by occupants; individuals with savings and assets -including owner-occupied homes in many cases 4 -valued at more than £23,250 must be self-funded. ...
Population aging has led to the establishment of Healthcare Real Estate Investment Trusts (HC-REITs) to boost the supply of nursing homes, but these initiatives have met with contrasting success in different countries. This paper bridges two strands of research on financialization, social welfare and the built environment, to explain the uneven geography of HC-REIT development in France, the UK and Japan. It argues that nation-specific processes of nursing home securitization are shaped by the interrelationships between three crucial factors: (i) the regime of retirement income, (ii) public policies dedicated to long-term institutional care and (iii) the power relations between the REITs and care providers themselves. Drawing on discussions with experts in these sectors, the paper demonstrates that liberal welfare states such as the UK have an especially attractive profile for Healthcare REIT investors due to the advanced state of financialized pension reforms, significant state disengagement in the provision of long-term care and REIT-friendly regulations that facilitate investment operations and leases. On the one hand, these tendencies are driving financial investors to satisfy a growing demand for retirement savings in niche markets such as Healthcare REITs. On the other hand, value extraction is being increasingly sought through the capture of care-dependent residents’ home equity. By linking social benefit provisioning to later life housing accommodation, this article casts important light on current debates on the political economy of real estate financialization, while also emphasizing the need for continued state support for long-term institutional care.
... Studies in the UK suggest this includes delaying spending on old-age care (Fox O'mahony and Overton, 2015;Soaita and Searle, 2018;Wood et al., 2013) or transferring housing wealth to avoid age-care support schemes that include housing wealth in own payment obligation assessments. Wood et al. (2020) report that in Australia, the UK and the Netherlands assessment criteria for self-pay obligations favour owners versus tenants and non-housing forms of wealth by exempting all or part of home equity from assessments. Conversely, housing wealth is increasingly used prior to retirement to address sudden welfare needs such as long-7. ...
Dentro do contexto da financeirização da reprodução social dos idosos, esse estudo tem como objetivo – auxiliado pela abordagem dos “sistemas de provisão” – a montagem de um quebra-cabeça cujas peças são compostas pelos fenômenos da i) financeirização da previdência, com a precarização da oferta pública e a incapacidade de alternativa semelhante ofertada pelo setor privado; ii) financeirização da moradia, na qual a provisão pública se retrai, enquanto as habitações se valorizam e passam a serem vistas pelo população em geral como um investimento imprescindível; iii) criação e ascensão dos instrumentos de monetização de capital residencial (equity release), entre eles a denominada hipoteca reversa, que surgem e se expandem como resposta a precariedade material dos mais velhos. Por estarem na vanguarda, os casos dos EUA e do Reino Unido são utilizados como exemplos. O que se encontra é um quadro em que o aumento da fragilidade dos sistemas de pensões públicos ocorre pari passu a um nível recorde de valorização das residências, com atuação cada vez mais ampliada do setor financeiro em ambas as áreas, fazendo com que os Estados nacionais, o meio acadêmico e parcela da própria indústria financeira passem a ver cada vez maior potencial no uso de esquemas de monetização de capital residencial por parte dos idosos como forma de complementação de suas aposentadorias. De um ponto de vista crítico, contesta-se essa perspectiva e se destaca a impossibilidade do uso de tais instrumentos como uma forma de política social, com diversos percalços, limitações e contradições decorrentes dessas interpretações. Conclui-se que não é possível afirmar que o uso desses instrumentos seja uma panaceia para as adversidades enfrentadas pelos seniors no presente e no futuro, sendo necessária uma visão mais ampla de todos os elementos envolvidos.
This research investigates the relationship between housing wealth and residential satisfaction. Using household panel survey data from the UK, we find that individuals’ asymmetric responses to changes in housing wealth distribution, that is, loss aversion experienced by the worse-off group, could offset the gain from an increase in housing wealth at the aggregate level. Consequently, housing wealth growth does not necessarily improve residential satisfaction for society as a whole if it leads to housing wealth inequality. Given the significant impact of housing wealth distribution on residential satisfaction, it is important to consider housing wealth inequality in making public policy decisions.
We examine the extent to which residential relocation within and between tenure types is associated with changes in mental health. We focus on four types of housing transition – rent-to-own, own-to-rent, own-to-own, and rent-to-rent – using Australian and UK panel data sets from 2001 to 2017. In both countries, transitions into homeownership and moves away from the mortgaged edges toward the unburdened mainstream of outright ownership are positively associated with mental health. On the other hand, shifts by mortgagors towards more precarious positions on the edges of ownership precipitate dips in mental health when there is exposure to high levels of payment and investment risks. Clearly, residential moves can both alleviate and introduce different kinds of risks that affect affordability. Moreover, tenure transitions have impacts on mental health beyond the impacts of payment and investment risks. However, we observe some cross-national differences in findings. In Australia, loss of homeownership has a negative impact on mental health that outweighs the mental health impacts of attaining ownership. In the UK, these findings are reversed. Acute housing affordability problems following moves in Australia, but not in the UK, are a significant driver of mental health outcomes. These differences have institutional explanations.
Greater uptake of solar panels on rental housing would have implications for housing affordability and would reduce greenhouse gas emissions. The influence of energy investments on housing values has been widely studied, with past research often finding a positive relationship. However, there is missing knowledge for the specific relationship between solar panels and housing rents. This study finds that Australian renters with solar panels pay approximately A$19 more in weekly housing rents than non-solar renters. The results suggest that landlords have been able to benefit from investments in solar panels through higher rent, with a payback period of around 5 years. The study provides context for policymakers across the world considering subsidies for solar panels on rental housing. The findings are robust across multiple methods including entropy balancing and are based on two large Australian household surveys.
Supplemental data for this article is available online at https://doi.org/10.1080/02673037.2021.2004094 .
