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Pension policy literacy and retirement expectations: a cross-country survey experiment

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dc.affiliation.dptoUC3M. Departamento de Ciencias Socialeses
dc.contributor.authorFernández González, Juan Jesús
dc.contributor.authorRadl, Jonas
dc.contributor.funderAgencia Estatal de Investigación (España)es
dc.contributor.funderComunidad de Madrides
dc.date.accessioned2022-05-19T17:36:07Z
dc.date.available2023-04-01T23:00:05Z
dc.date.issued2022-04-01
dc.description.abstractObjectives: This study reports the findings of the first cross-national survey experiment on the effects of information on the expected retirement age. Given the drawbacks of unrealistic retirement expectations, the study examines the impacts of nonpartisan information about future demographic aging and forecasted pension benefit levels. Methods: An online survey experiment was conducted in the United States, Germany, and Spain in 2018 using an internet access panel. We assigned respondents to 2 random treatments: one citing the change in the projected share of the population older than 65 years (demographic treatment) and another citing the projected change in pension replacement rates (benefits treatment), both for 2015–2040. Treatment effects on the expected retirement age are reported. Results: The benefits treatment has a strong influence on retirement expectations. In the United States, respondents informed of the expected decline in pension replacement rates expect to retire 2 years later than respondents not informed of the decline. In Spain, this treatment leads to an approximately 9-month postponement of expected retirement, while no significant effect is found in Germany. In addition, the demographic treatment does not affect retirement expectations in the countries studied. Respondents in all countries informed of future population aging do not show different expected retirement ages than respondents not given this information. Discussion: People’s retirement expectations are sensitive to information on future changes in pension generosity but not to information on population aging. The results suggest information campaigns focused on declining pension replacement rates may help extend working lives.en
dc.description.sponsorshipThis work was supported by the Agencia Estatal de Investigación (AEI) (CSO2015-70297-R); and the “Programa de actividades de I + D entre grupos de investigación de la Comunidad de Madrid en Ciencias Sociales y Humanidades” (H2019/HUM-5802).en
dc.identifier.bibliographicCitationRadl, J., & Fernández, J. J. (2021). Pension Policy Literacy and Retirement Expectations: A Cross-Country Survey Experiment. The Journals of Gerontology: Series B, 77 (4), pp. 739-749.en
dc.identifier.doihttps://doi.org/10.1093/geronb/gbab161
dc.identifier.issn1758-5368
dc.identifier.publicationfirstpage739es
dc.identifier.publicationissue4es
dc.identifier.publicationlastpage749es
dc.identifier.publicationtitleJournal of Gerontology Series Ben
dc.identifier.publicationvolume77es
dc.identifier.urihttps://hdl.handle.net/10016/34861
dc.identifier.uxxiAR/0000030578
dc.language.isoenges
dc.publisherOxford University Pressen
dc.relation.projectIDComunidad de Madrid. H2019/HUM-5802es
dc.rights© The Author(s) 2021. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved.en
dc.rights.accessRightsopen accessen
dc.subject.ecienciaSociologíaes
dc.subject.otherInformation effectsen
dc.subject.otherInternational comparisonen
dc.subject.otherPension benefitsen
dc.subject.otherPopulation agingen
dc.subject.otherRetirement planningen
dc.titlePension policy literacy and retirement expectations: a cross-country survey experimenten
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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