Axel Börsch?Supan|Tabea Bucher?Koenen|Michela Coppola|Bettina Lamla
SAVINGS IN TIMES OF DEMOGRAPHIC CHANGE: LESSONS FROM THE GERMAN EXPERIENCE
Technical University of Munich|National Bureau of Economic Research
abstract pension reforms many developed countries make individuals shoulder bigger share longevity income risks desired response individuals accumulate private assets retirement whether actually takes place paramount relevance scientists policy makers take germany example twenty years pension reform transformed monolithic german pension system multipillar system formerly generous public pension benefits gradually reduced whereas substantial incentives granted occupational private saving schemes transition worked survey reform steps households reactions individuals adjust labor market behavior private occupational pension plans take behavioral adjustments vary population germans adapted new situation actual expected retirement decisions changed share households without supplementary pensions decreased 73 39 little decade remarkable success nonetheless households low education low income less financial education neither adjust retirement behavior pick supplementary pension plans thus likely face difficulties bridging gap arising future pension income