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Pensions and public opinion: a survey among Dutch households

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  • P.J.A. van Els
  • W.A. van den End
  • M.C.J. van Rooij

Abstract

This paper reports on the findings of a survey among Dutch households (as part of the DNB Household Survey in 2003) about many aspects (expectations, concerns, attitude and preferences) of their pensions and the old-age-arrangements in the Netherlands. We explore whether the outcomes are related to specific financial and non-financial household or personal characteristics. A clear majority of the Dutch public expects public pension schemes to be retrenched and rejects reforms that infringe on what they regard as acquired rights. One would rather like to pay higher contributions until the age of 65. The divergence in preferences towards retrenchment measures across generations indicates that intergenerational risk sharing is not something natural. The public prefers to have their pension build-up managed by pension funds and would accept having to pay higher contributions in exchange for guaranteed benefits. Yet, a substantial minority advocates a greater freedom of choice. Surprisingly, this preference for freedom is not linked to particular household characteristics, nor does it reflect the particular interest of those who already have third pillar pension provisions. Many, however, are as yet not concerned about their pension rights, adopting a "we'll see about that when we come to that" attitude. This manifests itself in a substantial lack of knowledge about one's own personal pension arrangements, notably for young generations, women, low-skilled workers and people out of work.

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Bibliographic Info

Paper provided by Netherlands Central Bank, Monetary and Economic Policy Department in its series MEB Series (discontinued) with number 2003-18.

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Date of creation: Dec 2003
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Handle: RePEc:dnb:mebser:2003-18

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Keywords: public pensions; second pillar pensions; household survey; risk attitude and preferences;

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References

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  1. Alessie, R.J.M. & Kapteyn, A. & Klijn, F.E., 1997. "Mandatory pensions and personal savings in The Netherlands," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74171, Tilburg University.
  2. Broer, D.P., 2001. "Growth and welfare distribution in an ageing society: An applied general equilibrium analysis for the Netherlands," Open Access publications from Tilburg University urn:nbn:nl:ui:12-383719, Tilburg University.
  3. Leora Friedberg & Anthony Webb, 2003. "Retirement and the Evolution of Pension Structure," NBER Working Papers 9999, National Bureau of Economic Research, Inc.
  4. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
  5. Mauro Mastrogiacomo & Rob Alessie & Maarten Lindeboom, 2002. "Retirement Behaviour of Dutch Elderly Households: Diversity in Retirement Patterns across Different Household Types," Tinbergen Institute Discussion Papers 02-073/3, Tinbergen Institute.
  6. Luigi Guiso & Tullio Jappelli, 2000. "Household Portfolios in Italy," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 43, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  7. Alessie, R.J.M. & Hochgürtel, S. & Soest, A.H.O. van, 2000. "Household Portfolios in the Netherlands," Discussion Paper, Tilburg University, Center for Economic Research 2000-55, Tilburg University, Center for Economic Research.
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Cited by:
  1. Bernd Hayo & Hiroyuki Ono, 2009. "Livelihood and Care of the Elderly: Determinants of Public Attitudes in Japan," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) 200912, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  2. Maarten van Rooij & Annamaria Lusardi & Rob Alessie, 2009. "Financial Literacy and Retirement Planning in the Netherlands," DNB Working Papers, Netherlands Central Bank, Research Department 231, Netherlands Central Bank, Research Department.
  3. Rooij, M.C.J. van & Kool, C.J.M. & Prast, H.M., 2007. "Risk-return preferences in the pension domain: Are people able to choose?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-381463, Tilburg University.
  4. Maarten Rooij & Arjen Siegmann & Peter Vlaar, 2008. "Market Valuation, Pension Fund Policy and Contribution Volatility," De Economist, Springer, Springer, vol. 156(1), pages 73-93, March.
  5. Maarten van Rooij & Annamaria Lusardi & Rob Alessie, 2011. "Financial Literacy, Retirement Planning, and Household Wealth," CeRP Working Papers 119, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  6. Hayo, Bernd & Ono, Hiroyuki, 2010. "Comparing public attitudes toward providing for the livelihood of the elderly in two aging societies: Germany and Japan," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 72-80, January.
  7. Mark van Duijn & Maarten Lindeboom & Mauro Mastrogiacomo & M. Lundborg, 2009. "Pension plans and the retirement replacement rates in the Netherlands," CPB Discussion Paper 118, CPB Netherlands Bureau for Economic Policy Analysis.
  8. Yosr Abid Fourati & Cathal O'Donoghue, 2009. "Eliciting Individual Preferences for Pension Reform," Working Papers, National University of Ireland Galway, Department of Economics 0150, National University of Ireland Galway, Department of Economics, revised 2009.
  9. Allard Bruinshoofd & Sybille Grob, 2006. "Do changes in pension incentives affect retirement? A stated preferences approach to Dutch retirement consideration," DNB Working Papers, Netherlands Central Bank, Research Department 115, Netherlands Central Bank, Research Department.

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