Retirement expectations, pension reforms and their impact on private wealth accumulation
- 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. Klassifikation: E21, H55
| Author: | Renata Bottazzi, Tullio JappelliORCiDGND, Mario Padula |
|---|---|
| URN: | urn:nbn:de:hebis:30-26018 |
| Parent Title (German): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2006,10 |
| Series (Serial Number): | CFS working paper series (2006, 10) |
| Document Type: | Working Paper |
| Language: | English |
| Year of Completion: | 2006 |
| Year of first Publication: | 2006 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2006/05/04 |
| Tag: | expectations; pension reform |
| GND Keyword: | Haushalt; Erwartung; Ruhegeld; Ruhestand; Wohlstand; Italien; Geschichte 1989-2002 |
| HeBIS-PPN: | 191028460 |
| Institutes: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Licence (German): |  Deutsches Urheberrecht |
