Are Pension Savings sufficient? Perceptions and Expectations of American and Dutch Workers

H.P. van Dalen, K. Henkens, D.A. Hershey

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Abstract

Are retirement savings sufficient to finance a good pension income? This highly uncertain and subjective dimension of life cycle decision making is assessed among married working individuals using an identical survey distributed to Dutch and American workers in 2007. Despite marked differences in expected and needed pension replacement rates - where the Dutch replacement rates are systematically higher than the American rates - the perceived savings adequacy is more or less the same across Dutch and American workers. Moreover, individuals’ perceived savings adequacy was found to be influenced by the three groups of factors: institutional forces, social forces and psychological dispositions. This study shows that differences in the mind set of American workers plays a far larger role in explaining differences in perceptions of savings adequacy than it does in the Netherlands.
Original languageEnglish
Place of PublicationTilburg
PublisherMacroeconomics
Number of pages35
Volume2008-58
Publication statusPublished - 2008

Publication series

NameCentER Discussion Paper
Volume2008-58

Keywords

  • retirement
  • savings
  • planning
  • pension funds

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    van Dalen, H. P., Henkens, K., & Hershey, D. A. (2008). Are Pension Savings sufficient? Perceptions and Expectations of American and Dutch Workers. (CentER Discussion Paper; Vol. 2008-58). Macroeconomics.