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Related Experiment Videos

Aggregating poor and near-poor elderly under different resource definitions

M S Rendall1

  • 1Department of Consumer Economics and Housing, Cornell University, Ithaca, NY 14853-4401, USA. msr5@cornell.edu

The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences
|July 1, 1996
PubMed
Summary

Most elderly Americans experience low-intensity poverty, not deep poverty. Accounting for assets and non-cash transfers reveals a high prevalence of poverty with low intensity among older adults.

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Area of Science:

  • Gerontology
  • Economics
  • Social Policy

Background:

  • The United States has a significant population of near-poor elderly individuals, suggesting a high-prevalence, low-intensity poverty model.
  • Traditional poverty measures based solely on cash income may not fully capture the economic resources of the elderly.

Purpose of the Study:

  • To recharacterize elderly poverty by including assets and non-cash transfers in resource assessments.
  • To analyze the prevalence and intensity of poverty among the elderly using a comprehensive resource definition.

Main Methods:

  • Utilized the Foster, Greer, Thorbecke (FGT) poverty index to measure poverty prevalence and intensity.
  • Employed data from the 1984 Survey of Income and Program Participation (SIPP).
  • Incorporated the annuity value of assets and non-cash transfers into the calculation of available resources.

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Main Results:

  • Including the value of assets significantly reduced the number of poor and near-poor elderly individuals.
  • Adding non-cash transfers shifted many elderly individuals from poverty to near-poverty status.
  • The combined effect of assets and non-cash transfers confirmed a high-prevalence, low-intensity poverty profile for the elderly.

Conclusions:

  • Defining resources solely by cash income underestimates the total poverty reduction effects.
  • Focusing only on poverty prevalence overlooks significant reductions in poverty intensity.
  • A comprehensive view of resources, including assets and non-cash transfers, is crucial for accurately assessing elderly poverty.