Retirement expectations, pension reforms and their effect on private wealth accumulation
By R. Bottazzi, Tullio Jappelli, Mario Padula. 2005
201 citations recorded by the source corpus.
We estimate the effect of pension reforms on households' expectations of retirement outcomes and private wealth accumulation decisions exploiting a decade of intense Italian pension reforms as a source of exogenous variation in expected pension wealth. The Survey of Household Income and Wealth, a large random sample of the Italian population, elicits expectations of the age at which workers expect to retire and of the ratio of pension benefits to pre-retirement income between 1989 and 2002. We find that workers have revised expectations in the direction suggested by the reform and that there is substantial offset between private wealth and perceived pension wealth, particularly by workers that are better informed about their pension wealth.
Subfields: Accounting, Demography, General Health Professions
View Paper: https://www.semanticscholar.org/paper/4fd47042daf1dcb54ba7a9f1742c39dd4afae2bf
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Citations in the corpus
- Public pension and household saving: Evidence from urban China (2011, background): “Using household level data for 1989–2006, Chamon et al. (2010) found that rising income uncertainty can explain the rising savings rates among younger households. They also suggest that higher savings rates among older households are consistent with a decline in the pension replacement ratio in 1997”
- What Determines Annuity Demand at Retirement? (2012, unknown): “15 As in Bottazzi et al. (2006), our measure of literacy is given by the absolute value of the error.”