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Frames, Incentives, and Education: Effectiveness of Interventions to Delay Public Pension Claiming

Author

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  • Glenzer, Franca
  • Michaud, Pierre-Carl
  • Staubli, Stefan

Abstract

In many retirement income systems, people forgo a higher stream of public pension income by claiming early. This paper provides survey-and quasi-experimental evidence on how increasing financial incentives, educating individuals, and changing the framing of the claiming decision affect pension claiming and the present value of expected pension benefits. We find that all three types of interventions induce delays, but they have heterogeneous financial consequences. Educating participants about the claiming decision and life expectancy leads to claiming ages with higher pension wealth. In contrast, changing the framing of the claiming decision and strengthening financial incentives do not improve, and may even worsen, financial outcomes.

Suggested Citation

  • Glenzer, Franca & Michaud, Pierre-Carl & Staubli, Stefan, 2025. "Frames, Incentives, and Education: Effectiveness of Interventions to Delay Public Pension Claiming," CEPR Discussion Papers 20234, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:20234
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    File URL: https://cepr.org/publications/DP20234
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    Keywords

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    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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