A Nudge to Quit? The Effect of a Change in Pension Information on Annuitisation, Labour Supply and Retirement Choices Among Older Workers

• 成果类型: Article
• 署名作者: Hagen, Johannes; Hallberg, Daniel; Lindquist, Gabriella Sjogren
• 署名单位: Jonkoping University; Uppsala University; Stockholm University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueab060
• 发表日期: 2022
• 页码: 1060-1094
• 关键词: Behavioral economics; financial literacy; social-security; life-insurance; Take-up; Annuities; incentives; DECISION; spillover; KNOWLEDGE

摘要

We study the effects of two exogenous modifications in the Swedish pension system application form nudging individuals towards a fixed-term payout. Meanwhile, the set of available options and the default option-life annuity-were unchanged during the period under study. We examine the effects on individuals' payout decisions and the spillover effects on labour supply and other pensions using a difference-in-difference framework and detailed administrative data on actual payout decisions and a wide range of individual-level outcomes. Each modification increased the demand for the nudged payout by around 30 percentage points. The first modification also induced individuals to work less.