Table 1:
Summary statisticsa
| Mean | SD | Min. | Max. | P50 | |
|---|---|---|---|---|---|
| Consumption spending (USD/y) | |||||
| Dining out | 1,566 | 2,141 | 0 | 32,546 | 908 |
| Housekeeping services | 314 | 930 | 0 | 18,873 | 0 |
| Gardening services | 373 | 960 | 0 | 16,273 | 0 |
| Home repair services | 1,085 | 2,557 | 0 | 40,000 | 160 |
| Vehicle maintenance | 546 | 715 | 0 | 8,298 | 325 |
| Dishwasher | 20 | 105 | 0 | 1,048 | 0 |
| Washing machine/Dryer | 67 | 266 | 0 | 2,831 | 0 |
| Substitutable | 3,970 | 4,357 | 0 | 50,105 | 2,674 |
| Total | 36,287 | 22,884 | 2,090 | 251,884 | 31,112 |
| Time use (h/w) | |||||
| House cleaning | 4.7 | 5.6 | 0.0 | 56.0 | 3.0 |
| Laundry | 2.5 | 3.0 | 0.0 | 40.0 | 2.0 |
| Gardening | 2.8 | 5.2 | 0.0 | 70.0 | 1.0 |
| Shopping | 3.8 | 3.7 | 0.0 | 45.0 | 3.0 |
| Cooking | 6.8 | 6.3 | 0.0 | 45.0 | 5.0 |
| Financial management | 0.9 | 1.3 | 0.0 | 20.9 | 0.5 |
| Home maintenance | 0.7 | 1.8 | 0.0 | 27.9 | 0.0 |
| Vehicle maintenance | 0.4 | 1.1 | 0.0 | 27.9 | 0.0 |
| Home production | 22.6 | 16.2 | 0.0 | 171.6 | 19.2 |
| Financial characteristics (USD) | |||||
| Housing wealth (/1000) | 211 | 209 | 0 | 3,134 | 156 |
| Mortgage (/1000) | 22 | 60 | 0 | 1,149 | 0 |
| Financial wealthb/1000) | 246 | 616 | 0 | 16,027 | 68 |
| Debtc | 2,540 | 11,294 | 0 | 261,189 | 0 |
| Stock wealth (/1000) | 86 | 438 | 0 | 13,389 | 0 |
| P(Bequest > 10k) | 75.4 | 34.5 | 0.0 | 100.0 | 95.0 |
| Demographic characteristicsd | |||||
| Age | 70.9 | 5.8 | 53.0 | 80.0 | 71.0 |
| Poor healthe | 0.08 | 0.26 | 0.00 | 1.00 | 0.00 |
| Partner retired | 0.37 | 0.48 | 0.00 | 1.00 | 0.00 |
| Partner poor health | 0.04 | 0.18 | 0.00 | 1.00 | 0.00 |
| Couple | 0.60 | 0.49 | 0.00 | 1.00 | 1.00 |
| Wave 2007 | 0.34 | 0.47 | 0.00 | 1.00 | 0.00 |
| Wave 2009 | 0.33 | 0.47 | 0.00 | 1.00 | 0.00 |
| Wave 2011 | 0.33 | 0.47 | 0.00 | 1.00 | 0.00 |
a
Summary statistics are presented for our sample of 2,500 observations. Monetary measures are expressed in 2011 US dollars using the Consumer Price Index of the Bureau of Labor Statistics.
b
Defined by the sum of checking accounts, stocks, bonds, IRA’s and Keoghs, and CD’s; excludes pension wealth.
c
Other than mortgage.
d
Demographic characteristics are presented in levels here. The changes in health and household situation, as used in the regression analysis, are presented in Table A.12.
e
The dummy of poor health is constructed by using the response ‘poor’ to the self-reported health question in HRS (RwSHLT).