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Mapping the Minds of Retirement Planners

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Author Info

  • Douglas A. Hershey

    ()
    (Oklahoma State University)

  • K�ne Henkens

    ()
    (Netherlands Interdisciplinary Demographic Institute, The Hague)

  • Hendrik P. van Dalen

    ()
    (Erasmus Universiteit Rotterdam)

Abstract

This 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.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 06-038/1.

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Date of creation: 06 Apr 2006
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Handle: RePEc:dgr:uvatin:20060038

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Web page: http://www.tinbergen.nl

Related research

Keywords: retirement; pensions; financial planning; psychology; saving; uncertainty;

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References

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  1. John Ameriks & Andrew Caplin & John Leahy, 2003. "Wealth Accumulation And The Propensity To Plan," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 1007-1047, August.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Whitehouse, Edward & Queisser, Monika, 2007. "Pensions at a glance: public policies across OECD countries," MPRA Paper 16349, University Library of Munich, Germany.
  8. 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.
  9. Ger, Guliz & Belk, Russell W., 1996. "Cross-cultural differences in materialism," Journal of Economic Psychology, Elsevier, vol. 17(1), pages 55-77, February.
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Citations

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Cited by:
  1. 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.
  2. Canegrati, Emanuele, 2007. "On redistribution effects of public debt amongst single-minded generations," MPRA Paper 2254, University Library of Munich, Germany.
  3. 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.
  4. canegrati, emanuele, 2006. "The Single-Mindedness Theory: Micro-foundation and Applications to Social Security Systems," MPRA Paper 1223, University Library of Munich, Germany.

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