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Retirement saving choices: review of the literature and policy implications

Gough, Orla and Niza, Claudia (2011) Retirement saving choices: review of the literature and policy implications. Journal of Population Ageing, 4 (1-2). pp. 97-117. ISSN 1874-7884

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Identification Number: 10.1007/s12062-011-9046-4


Pension reforms in many countries have resulted in more choice and risk to individuals, decreasing the dependability on State public pensions. However, it is not clear how research has addressed this issue and how much is know about retirement saving decisions. With this paper, we provided two major contributions to the literature on retirement saving. As a starting point, we developed a general chart of retirement saving choices, extending the work of Hurd and Panis (2006). These authors focused exclusively on choices at job change or retirement age and we extended their diagram to all main decisions at each stage of retirement saving, providing a more comprehensive framework. We then used this diagram as the yardstick to perform the systematic review and evaluate the breadth of research in the last 20 years. We found 130 papers and identified the most studied retirement choices and the under- researched areas. Most papers focused on asset allocation, decision to save and contribution rate. Less attention was given to decisions at retirement age and voluntary savings. Furthermore, very few papers studied the psychological and social influences in retirement saving decisions. Policy implications and future research are discussed.

Item Type: Article
Official URL:
Additional Information: © 2011 Springer
Divisions: Social Policy
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HG Finance
JEL classification: G - Financial Economics > G2 - Financial Institutions and Services > G23 - Pension Funds; Other Private Financial Institutions
H - Public Economics > H5 - National Government Expenditures and Related Policies > H55 - Social Security and Public Pensions
J - Labor and Demographic Economics > J3 - Wages, Compensation, and Labor Costs > J32 - Nonwage Labor Costs and Benefits; Private Pensions
Date Deposited: 16 Aug 2011 08:46
Last Modified: 15 Sep 2023 14:16

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