M.C.J. van Rooij|Clemens Kool|Henriëtte Prast
Risk-return preferences in the pension domain: Are people able to choose?
De Nederlandsche Bank|Network for Studies on Pensions, Aging and Retirement|Network for Studies on Pensions, Aging and Retirement|Tilburg University|De Nederlandsche Bank|Network for Studies on Pensions, Aging and Retirement
paper presents new evidence netherlands pension preferences investor autonomy pension domain using representative survey 1000 dutch citizens main conclusions following risk aversion domain dependent highest pension domain vast majority respondents favours currently dominant defined benefit pension system offered combined defined benefitdefined contribution system majority would like guaranteed pension income least 70 net labour income selfassessed risk tolerance financial expertise important individual explanatory variables pension attitudes average respondent considers financially unsophisticated reluctant take control retirement savings investment even offered possibility increase expertise respondents chosen relatively safe portfolio tend switch riskier median portfolio shown future income streams suggests many respondents currently lack skills investor autonomy investment retirement