Does pension information impact savings?

Najat El Mekkaoui and Bérangère Legendre
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Najat El Mekkaoui: LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique
Bérangère Legendre: IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc

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Abstract: Many pension reforms in OECD countries included pension statements with the objective of improving individuals' financial security in retirement. Our objective is to assess the effectiveness of the pension information policy implemented in France and to investigate whether the pension statement results in better informed workers, who then increase their retirement savings. Using regression discontinuity designs combined with quantile regressions, we assess whether the changes in retirement savings and holding of assets are due to the pension information system and then quantify the impact. We conclude that a pension estimate sent to workers encourages the wealthiest to increase their retirement savings while it does not influence the savings of individuals with a low level of wealth.

Keywords: pension statements; savings for retirement; financial literacy; quantile regressions (search for similar items in EconPapers)
Date: 2022-03-03
New Economics Papers: this item is included in nep-age and nep-fle
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Published in Journal of Pension Economics and Finance, 2022, 22 (3), pp.1-19. ⟨10.1017/S1474747221000470⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03877170

DOI: 10.1017/S1474747221000470

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