“Individual Behaviour with Respect to Retirement Saving”
14 October 2005
Fondazione Collegio Carlo Alberto – Moncalieri (TO)
In many European countries, the pension reforms of the last 10-15 years, reshaping social security in a way that has generally strengthened the correlation between contributions and benefits and created room for pension funds, have greatly increased the area of workers’ discretionary choices, traditionally very limited in public pension schemes. Workers however – even in countries where the degree of freedom in retirement saving choices is higher – seem to make little use of their increased discretion as, in most cases, they let the default option apply. How important is the design of the default option in shaping pension reforms? How can individuals be educated to more active participation in planning their retirement saving? Trying to draw some lessons from the US experience, the CeRP conference – with the contribution by some of the most accomplished pension experts – dealt with the above issues, with a focus on Europe and Italy.
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