How People React to Pension Risk
We show that people exposed to greater pension risk are less likely to invest in risky assets. We exploit a reform that links people's future pension benefits to their pension funds' funding ratio—a measure of the fund's financial health—making funding ratios a fund-specific measure of pension risk. The effect of pension risk is stronger for people who are better informed about their pensions, for retirees and pension-age non-retirees, and for wealthier people. The funding ratio does not affect investments in a pre-reform period, nor does it affect bequest intentions, (expected) retirement, or... Mehr ...
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Dokumenttyp: | doc-type:workingPaper |
Erscheinungsdatum: | 2020 |
Verlag/Hrsg.: |
Bonn: Institute of Labor Economics (IZA)
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Schlagwörter: | ddc:330 / D14 / J22 / individual portfolio choice / background risk / retirement planning / pension reform / The Netherlands |
Sprache: | Englisch |
Permalink: | https://search.fid-benelux.de/Record/base-26846699 |
Datenquelle: | BASE; Originalkatalog |
Powered By: | BASE |
Link(s) : | http://hdl.handle.net/10419/216389 |