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The Importance of Behavioural Factors for Pension Savings Decisions – Cross-Country Evidence
Acta Oeconomica ( IF 0.939 ) Pub Date : 2019-07-01 , DOI: 10.1556/032.2019.69.3.3
Anna Kaliciak , Radoslaw Kurach , Walid Merouani

In this study, we challenge the problem of inadequate voluntary pension savings by exploring the micro-dataset of the Luxembourg Wealth Study (LWS) for three countries: Italy, the United Kingdom and the United States. The existing empirical literature usually focuses on the role of sociodemographic factors to understand this phenomenon, and theoretical studies additionally highlight the role of behavioural factors. However, empirical studies in this field are extremely scarce. The use of the LWS data enables us to fill this research gap. Separately for each country, we verify the role of individuals’ risk attitudes and intertemporal choices in the demand for voluntary pension savings. To make the results more robust, we add a set of socio-demographic control variables to our regressions. Our findings clearly reveal that being more risk averse and being less forward looking negatively affect people’s propensity to save for retirement. Furthermore, we confirm that age, gender and education are significant predictors of pension demand in each of the analysed countries. We argue that these conclusions have practical meaning to improve regulatory frameworks.

中文翻译:

行为因素在养老金储蓄决策中的重要性-跨国证据

在这项研究中,我们通过探索三个国家(意大利,英国和美国)的卢森堡财富研究(LWS)的微观数据集,来解决自愿性养老金储蓄不足的问题。现有的经验文献通常集中于社会人口统计学因素的作用以理解这一现象,而理论研究则另外强调了行为因素的作用。但是,该领域的实证研究非常匮乏。LWS数据的使用使我们能够填补这一研究空白。对于每个国家,我们分别验证个人的风险态度和跨期选择在自愿性养老金储蓄需求中的作用。为了使结果更可靠,我们在回归分析中添加了一组社会人口统计控制变量。我们的发现清楚地表明,厌恶风险和缺乏前瞻性会对人们的退休储蓄倾向产生负面影响。此外,我们确认年龄,性别和教育程度是每个分析国家中养老金需求的重要预测指标。我们认为这些结论对改善监管框架具有实际意义。
更新日期:2019-07-01
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