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Pré-publication, Document de travail Année : 2023

Taking Back Control? Quasi-Experimental Evidence on the Impact of Retirement on Locus of Control

Résumé

We use nationally representative panel data from Australia to consider the impact of retirement on individual locus of control, a socio-emotional skill that has substantial explanatory power for a broad range of life outcomes. We establish causality via cohort-specific eligibility age for the Australian Age Pension. We show that retirement leads to increased internal locus of control. This greater sense of internal control can explain around one-third and one-fifth of the positive effects of retirement on health and subjective well-being, respectively. The impact of retirement on control beliefs varies along the distribution of locus of control, with the positive influence being most pronounced for men with a relatively high sense of internal control and for women with a relatively high sense of external control. Last, we provide evidence that locus of control is much more malleable at retirement than the other socio-emotional skills of the Big-Five personality traits, risk and time preferences, and trust.
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Dates et versions

halshs-04335808, version 1 (11-12-2023)

Identifiants

  • HAL Id : halshs-04335808 , version 1

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Andrew E Clark, Rong Zhu. Taking Back Control? Quasi-Experimental Evidence on the Impact of Retirement on Locus of Control. 2023. ⟨halshs-04335808⟩
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