Education and Its Effects on Income and Mortality of Men Aged Sixty-Five and Over in Great Britain

We explore the effects of income and, additionally education on the income, self-reported health and survival of men aged sixty-five and over in Great Britain. By so doing, we identify benefits of education which are omitted in the conventional analysis with its focus on labour income excluding employers' pension contributions. We find that income at age sixty-five is significantly influenced by educational attainment and has a significant effect on survival. Even after controlling for circumstances at age sixty-five or when first observed, we identify benefits discounted to age sixty-five of 115,000 pound for men with higher education qualifications as compared to those with minimal qualifications.