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Individual behaviour and long-range planning attitude

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  • Barbara Alemanni
  • Caterina Lucarelli

Abstract

Declining welfare systems increase the importance of self-determination in pension decisions. Thus, the stability of long-life consumption markedly relies on individual long-range planning attitude. Our paper investigates how behavioural traits affect this attitude and influence the probability of holding voluntary integrative pension schemes (VIPS). We find that psychophysiological heterogeneity plays a role in predicting demand for VIPS, together with saving/indebtedness style and conventional sociodemographic characteristics. Specifically, individuals who have a high degree of non-planning impulsiveness, and who are inclined to intense psychophysiological arousals, are less likely to demand VIPS. Our results imply that behavioural individualities might prompt individuals to postpone, or even neglect, decisions necessary to maintain stable lifestyles in the long range.

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  • Barbara Alemanni & Caterina Lucarelli, 2017. "Individual behaviour and long-range planning attitude," The European Journal of Finance, Taylor & Francis Journals, vol. 23(5), pages 407-426, April.
    • Handle: RePEc:taf:eurjfi:v:23:y:2017:i:5:p:407-426
    DOI: 10.1080/1351847X.2014.1003313
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    Cited by:

    1. Clark, Gordon L. & Fiaschetti, Maurizio & Tufano, Peter & Viehs, Michael, 2018. "Playing with your future: Who gambles in defined-contribution pension plans?," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 213-225.

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