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Healthy, Wealthy and Working: Retirement Decisions of Older New Zealanders WP 10/02

Appendix C: Regression results

Appendix Table C.1 Estimated coefficients for wealth regression
Dependent variable: Wealth ($'000) No. of observations = 4,848 R2 = 0.10
Explanatory variable Coefficient Significance Standard error
Working (base = retired) -16.05 50.08
Health
Physical health 5.61 *** 2.00
Mental health 1.27 ns 1.95
Male (base = female) 104.20 *** 35.99
Age
Age normalised (= age minus 65) -5.31 ns 8.26
Age 65 or over (base = less than 65) -23.69 ns 66.06
Ethnicity (base = New Zealand European)
Māori -168.53 *** 27.97
Other -138.86 ** 70.74
Migrant status (years in New Zealand) 5.59 *** 1.22
Region (base = rural)
Urbanmain -299.80 *** 71.42
Urbanother -384.96 *** 64.02
Education (base = no qualifications)
Edusecond 109.01 * 60.32
Edutertiary 51.50 ns 53.28
Marital status (base = married with non-working spouse)
Separated -164.49 *** 62.68
Widow/er -103.02 * 58.49
Never married -268.80 *** 67.28
Married with working spouse -22.36 ns 64.12
Benefit status
Onbenefit -133.41 *** 42.31
Onsupernzs -207.96 *** 52.89
Onsuperother -22.31 ns 89.90
Super (has a super scheme) 83.39 ** 38.49
Dependants (number) 25.44 ns 29.89
Attitudes to retirement
Stopwork (plans to stop totally) 132.96 ** 51.98
Reshealth (own health important factor) -66.43 ns 51.74
Resfamhealth (health of family member important factor) 59.38 ns 47.37
Respositive (positive benefits of retirement important) 35.70 ns 43.86
Resnegative (negative benefits of retirement important) -172.61 *** 35.36
Income (log) 263.65 ***  
Intercept -1042.58 *** 351.11

Note: *** = significant at the 1% level; ** = significant at the 5% level; * = significant at the 10% level; ns= not significant

Appendix Table C.2 Estimated coefficients for income regression
Dependent variable: Income ($) No. of observations = 4,848 R2 = 0.03
Explanatory variable Coefficient Significance Standard error
Working (base = retired) 32802.28 *** 10016.51
Health
Physical health 178.81 ns 292.69
Mental health 618.12 ns 406.03
Male (base = female) 24801.94 ** 9760.67
Age
Age normalised (= age minus 65) -895.09 ns 2149.29
Age 65 or over (base = less than 65) 2789.26 ns 16796.62
Ethnicity (base = New Zealand European)
Māori -14951.12 *** 5318.61
Other -12067.42 * 7288.36
Migrant status (years in New Zealand) 243.69 ns 232.17
Region (base = rural)
Urbanmain -9572.49 ns 22127.31
Urbanother -25399.41 ns 20931.06
Education (base = no qualifications)
Edusecond 5789.49 ns 6004.97
Edutertiary 26326.25 ** 10513.66
Marital status (base = married with non-working spouse)
Separated -39738.79 ** 18389.77
Widow/er -31235.48 ** 13609.27
Never married -46647.28 *** 18109.37
Married with working spouse -10106.42 ns 25469.33
Benefit status
Onbenefit -29665.27 *** 6108.82
Onsupernzs -34337.98 ** 12510.02
Onsuperother -8564.20 ns 10171.68
Super (has a super scheme) 6675.70 ns 5309.54
Dependants (number) 8624.73 ** 3520.59
Attitudes to retirement
Stopwork (plans to stop totally) -6341.17 ns 5433.73
Reshealth (own health important factor) -253.39 ns 7695.77
Resfamhealth (health of family member important factor) 8736.33 ns 7813.74
Respositive (positive benefits of retirement important) 5798.30 ns 9034.61
Resnegative (negative benefits of retirement important) -20854.96 *** 7359.98
Wealth (log) 11300.11 *** 3152.55
Intercept -6716.94 ns 22400.65

Note: *** = significant at the 1% level; ** = significant at the 5% level; * = significant at the 10% level; ns= not significant.

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