Education and age ease uncertainty of income development

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Title: Education and age ease uncertainty of income development
Author: Mäki-Fränti, Petri
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 90
Series number: 3/2016
Year of publication: 2016
Publication date: 23.6.2016
Pages: 62-73
Subject (yso): epävarmuus; koulutus; ikääntyminen; tulot
Keywords: kotitaloudet; tulokehitys; tuloepävarmuus; tulonsiirrot; Suomi
Other keywords: households; income development; income uncertainty
Abstract: The ability to predict future income is essential for the wellbeing of households. While there have been no major changes in Finnish households’ income uncertainty over the past 25 years or so, there would appear to be some ingrained differences across population groups. Income uncertainty has been higher for the less educated than for the highly educated, while risks to the income of the self-employed are high relative to their expected income development. Public transfers have moderated the risks associated with earnings development, notably for the less educated. The significance of public transfer schemes for levelling out income development becomes more apparent as the population ages, with a larger share of the population reliant on public transfers to make ends meet.

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