Appendix Table 3.
Estimates of the effect of education on the level of assets for each pathway, by variable and by asset quintile based on estimates in Table 7, two-person households age 65 and older
| Asset quintile | |||||
|---|---|---|---|---|---|
| 1 (low) | 2 | 3 | 4 | 5 (high) | |
| Lagged assets | |||||
| < HS | 56,383 | 179,751 | 343,702 | 638,456 | 1,585,832 |
| College or more | 68,194 | 193,739 | 367,818 | 673,585 | 2,015,976 |
| Coefficient | 0.810 | 1.096 | 0.789 | 0.734 | 0.916 |
| Estimated effect | $9,567 | $15,331 | $19,028 | $25,785 | $394,012 |
| Dollar return on assets | |||||
| < HS | 3,624 | 12,842 | 26,027 | 55,382 | 120,490 |
| College or more | 9,594 | 28,427 | 49,456 | 89,166 | 272,235 |
| Coefficient | 1.407 | 1.092 | 0.705 | 0.552 | 0.087 |
| Estimated effect | $8,400 | $17,019 | $16,517 | $18,649 | $13,202 |
| Mean level of health | |||||
| < HS | 37.2 | 43.1 | 43.5 | 47.4 | 46.3 |
| College or more | 52.3 | 53.7 | 54.6 | 57.5 | 57.9 |
| Coefficient | 476 | 785 | 451 | 603 | 2,094 |
| Estimated effect | $7,188 | $8,321 | $5,006 | $6,090 | $24,290 |
| Change in health | |||||
| < HS | −2.56 | −4.25 | −3.35 | −2.27 | −2.7 |
| College or more | −3.71 | −3.61 | −4.44 | −3.31 | −4.08 |
| Coefficient | 336 | 212 | 681 | 967 | 1,427 |
| Estimated effect | −$386 | $136 | −$742 | −$1,006 | −$1,969 |
| SS income | |||||
| < HS | 17,102 | 19,425 | 20,371 | 20,974 | 22,565 |
| College or more | 17,566 | 18,500 | 19,626 | 21,391 | 23,208 |
| Coefficient | 0.727 | 1.058 | 1.027 | 2.030 | 2.711 |
| Estimated effect | $337 | −$979 | −$765 | $847 | $1,743 |
| DB income | |||||
| < HS | 4,947 | 7,323 | 10,965 | 10,904 | 8,923 |
| College or more | 14,032 | 23,363 | 26,909 | 26,888 | 25,480 |
| Coefficient | 0.229 | 0.240 | 0.299 | 0.512 | 0.377 |
| Estimated effect | $2,080 | $3,850 | $4,767 | $8,184 | $6,242 |
| Earnings | |||||
| < HS | 5,958 | 5,811 | 5,247 | 6,022 | 5,395 |
| College or more | 22,672 | 20,904 | 21,709 | 17,434 | 24,832 |
| Coefficient | 0.293 | 0.456 | 0.876 | 0.429 | 1.473 |
| Estimated effect | $4,897 | $6,882 | $14,421 | $4,896 | $28,631 |
| Total | $32,083 | $50,560 | $58,232 | $63,444 | $466,151 |
Note: Each panel pertains to one of the pathways. The first row in each panel shows the mean level of the pathway variable for persons with less than a high school degree and the next row shows the mean level of the pathway variable for persons with a college degree. The third row shows the estimated coefficient from Table 7 and the last row, labeled “estimated effect” is the product of the coefficient and the difference (college or more minus less than high school) in the pathway variable. Thus each row labeled “estimated effect” represents one of the terms on the right-hand side of Equation (2).