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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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Web page: http://www.dnb.nl/en/
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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. 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.
  2. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
  3. 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.
  4. Leora Friedberg & Anthony Webb, 2005. "Retirement and the Evolution of Pension Structure," Journal of Human Resources, University of Wisconsin Press, vol. 40(2).
  5. Alessie, R.J.M. & Kapteyn, A. & Klijn, F.E., 1997. "Mandatory pensions and personal savings in The Netherlands," Discussion Paper 1997-39, Tilburg University, Center for Economic Research.
  6. Alessie, R.J.M. & Hochgürtel, S. & Soest, A.H.O. van, 2000. "Household Portfolios in the Netherlands," Discussion Paper 2000-55, Tilburg University, Center for Economic Research.
  7. Luigi Guiso & Tullio Jappelli, 2000. "Household Portfolios in Italy," CSEF Working Papers 43, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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Citations

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Cited by:
  1. Maarten van Rooij & Annamaria Lusardi & Rob Alessie, 2009. "Financial Literacy and Retirement Planning in the Netherlands," DNB Working Papers 231, Netherlands Central Bank, Research Department.
  2. 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.
  3. Bernd Hayo & Hiroyuki Ono, 2007. "Comparing Public Attitudes Towards Providing for the Livelihood of the Elderly in Two aging Sodieties: Germany and Japan," Marburg Working Papers on Economics 200703, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  4. Maarten van Rooij & Annamaria Lusardi & Rob J. Alessie, 2011. "Financial Literacy, Retirement Planning, and Household Wealth," NBER Working Papers 17339, National Bureau of Economic Research, Inc.
  5. 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.
  6. Allard Bruinshoofd & Sybille Grob, 2006. "Do changes in pension incentives affect retirement? A stated preferences approach to Dutch retirement consideration," DNB Working Papers 115, Netherlands Central Bank, Research Department.
  7. Maarten Rooij & Arjen Siegmann & Peter Vlaar, 2008. "Market Valuation, Pension Fund Policy and Contribution Volatility," De Economist, Springer, vol. 156(1), pages 73-93, March.
  8. Yosr Abid Fourati & Cathal O'Donoghue, 2009. "Eliciting Individual Preferences for Pension Reform," CESifo Working Paper Series 2770, CESifo Group Munich.
  9. Hayo, Bernd & Ono, Hiroyuki, 2011. "Livelihood and care of the elderly: Determinants of public attitudes in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 25(1), pages 76-98, March.

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