Crowd-Out, Education, and Employer Contributions to Workplace Pensions: Evidence from Canadian Tax Records

• 成果类型: Article
• 署名作者: Messacar, Derek
• 署名单位: Statistics Canada; Memorial University Newfoundland
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_00711
• 发表日期: 2018-07
• 页码: 648-663
• 关键词: regression-discontinuity design; household wealth; savings accounts; decisions; temptation; ECONOMICS; taxation; rates

摘要

This study assesses whether workplace pensions help individuals overcome knowledge barriers to saving for retirement. Using administrative data from Canada and exploiting unique features of the pension system, I find compelling evidence that each $1 contributed to workplace pensions partially crowds out other retirement saving by approximately $0.50among interior saversin a regression kink design, centering on unionized workers for methodological reasons. Further analysis indicates that active versus passive decisions are influenced by education, exploiting compulsory schooling reforms for identification. I conclude by showing that pension and education reform are both viable mechanisms for boosting saving from a life cycle perspective.