Optimal versus Actual Retirement Savings Behaviour

Agar Brugiavini, University “Ca’ Foscari”, Venice & IFS-London

This paper uses the Unicredit Survey to understand both the provision of financial resources for retirement and the choices made by individuals in the composition of these resources between pensions, insurances and other forms of protection for old age. A major role in this framework is played by public pensions, particularly in Italy. Individuals need to take into account this “forced saving for retirement” when making decisions, not only: they might be scarcely informed about their actual future public pension. The Unicredito Survey contains unique information on household private provisions for retirement as well as expectations about public pensions. It contains also questions on demographic characteristics of the Respondent and her-his household as well as attitudes towards risk, that allow the researcher to control for these determinants of financial-insurance decisions.

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