Mapping the Minds of Retirement Planners
AbstractThis study explored the psychological mechanisms that underlie the retirement planning and saving tendencies of Dutch and American workers. Participants were 988 Dutch and 429 Americans, 25-64 years of age. Analyses were designed to: (a) examine the extent to which structural variables were related to planning tendencies, and (b) develop culture-specific path analysis models to identify the mechanisms that underlie perceived financial preparedness for retirement. Findings revealed striking differences across the Netherlands and the United States not only among structural variables predictive of key psychological and retirement planning constructs, but also in the robustness of the path models. These findings suggest that policy analysts should take into account both individual and cultural differences in the psychological predispositions of workers when considering pension reforms that stress individual responsibility for planning and saving.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 06-038/1.
Date of creation: 06 Apr 2006
Date of revision:
Contact details of provider:
Web page: http://www.tinbergen.nl
retirement; pensions; financial planning; psychology; saving; uncertainty;
Find related papers by JEL classification:
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
- P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-05-20 (All new papers)
- NEP-CBE-2006-05-20 (Cognitive & Behavioural Economics)
- NEP-FMK-2006-05-20 (Financial Markets)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert J. Shiller, 1998.
"Human Behavior and the Efficiency of the Financial System,"
Cowles Foundation Discussion Papers
1172, Cowles Foundation for Research in Economics, Yale University.
- Shiller, Robert J., 1999. "Human behavior and the efficiency of the financial system," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 20, pages 1305-1340 Elsevier.
- Robert J. Shiller, 1998. "Human Behavior and the Efficiency of the Financial System," NBER Working Papers 6375, National Bureau of Economic Research, Inc.
- Sewin Chan & Ann Huff Stevens, 2003.
"What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision Making,"
NBER Working Papers
10185, National Bureau of Economic Research, Inc.
- Sewin Chan & Ann Huff Stevens, 2008. "What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision-Making," The Review of Economics and Statistics, MIT Press, vol. 90(2), pages 253-266, May.
- Ann Huff Stevens & Sewin Chan, 2005. "What You Don’t Know Can’t Help You: Pension Knowledge and Retirement Decision Making," Working Papers 518, University of California, Davis, Department of Economics.
- Ger, Guliz & Belk, Russell W., 1996. "Cross-cultural differences in materialism," Journal of Economic Psychology, Elsevier, vol. 17(1), pages 55-77, February.
- B. Douglas Bernheim & Jonathan Skinner & Steven Weinberg, 1997.
"What Accounts for the Variation in Retirement Wealth Among U.S. Households?,"
97035, Stanford University, Department of Economics.
- B. Douglas Bernheim & Jonathan Skinner & Steven Weinberg, 2001. "What Accounts for the Variation in Retirement Wealth among U.S. Households?," American Economic Review, American Economic Association, vol. 91(4), pages 832-857, September.
- B. Douglas Bernheim & Jonathan Skinner & Steven Weinberg, 1997. "What Accounts for the Variation in Retirement Wealth Among U.S. Households?," NBER Working Papers 6227, National Bureau of Economic Research, Inc.
- Annamaria Lusardi, 2000. "Explaining Why So Many Households Do Not Save," JCPR Working Papers 150, Northwestern University/University of Chicago Joint Center for Poverty Research.
- John Ameriks & Andrew Caplin & John Leahy, 2002.
"Wealth Accumulation and the Propensity to Plan,"
NBER Working Papers
8920, National Bureau of Economic Research, Inc.
- Hendrik P Van Dalen & K�ne Henkens, 2005. "The Double Standard in Attitudes toward Retirement – The Case of the Netherlands," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 30(4), pages 693-710, October.
- Annamaria Lusardi, 2000. "Explaining Why So Many Households Do Not Save," JCPR Working Papers 203, Northwestern University/University of Chicago Joint Center for Poverty Research.
- Queisser, Monika & Whitehouse, Edward, 2005.
"Pensions at a glance: public policies across OECD countries,"
10907, University Library of Munich, Germany.
- Whitehouse, Edward & Queisser, Monika, 2007. "Pensions at a glance: public policies across OECD countries," MPRA Paper 16349, University Library of Munich, Germany.
- Canegrati, Emanuele, 2007. "On redistribution effects of public debt amongst single-minded generations," MPRA Paper 2254, University Library of Munich, Germany.
- van Schie, Ron J.G. & Donkers, Bas & Dellaert, Benedict G.C., 2012.
"Savings adequacy uncertainty: Driver or obstacle to increased pension contributions?,"
Journal of Economic Psychology,
Elsevier, vol. 33(4), pages 882-896.
- Ron J.G. van Schie & Bas Donkers & Benedict G.C. Dellaert, 2012. "Savings Adequacy Uncertainty: Driver or Obstacle to Increased Pension Contributions?," Tinbergen Institute Discussion Papers 12-037/1, Tinbergen Institute.
- canegrati, emanuele, 2006. "The Single-Mindedness Theory: Micro-foundation and Applications to Social Security Systems," MPRA Paper 1223, University Library of Munich, Germany.
- Dalen, H.P. van & Henkens, K. & Hershey, D.A., 2008. "Are Pension Savings sufficient? Perceptions and Expectations of American and Dutch Workers," Discussion Paper 2008-58, Tilburg University, Center for Economic Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Antoine Maartens (+31 626 - 160 892)).
If references are entirely missing, you can add them using this form.