Arbeitspapier

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.

Language
Englisch

Bibliographic citation
Series: CFS Working Paper ; No. 2006/10

Classification
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Social Security and Public Pensions
Subject
Expectations
Pension Reform
Rentenreform
Erwartungstheorie
Alterssicherung
Haushaltseinkommen
Italien

Event
Geistige Schöpfung
(who)
Bottazzi, Renata
Jappelli, Tullio
Padula, Mario
Event
Veröffentlichung
(who)
Goethe University Frankfurt, Center for Financial Studies (CFS)
(where)
Frankfurt a. M.
(when)
2006

Handle
URN
urn:nbn:de:hebis:30-26018
Last update
10.03.2025, 11:42 AM CET

Data provider

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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.

Object type

  • Arbeitspapier

Associated

  • Bottazzi, Renata
  • Jappelli, Tullio
  • Padula, Mario
  • Goethe University Frankfurt, Center for Financial Studies (CFS)

Time of origin

  • 2006

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