Auswirkungen der Finanzkrise auf die private Altersvorsorge

Börsch‐Supan, Axel; Gasche, Martin; Ziegelmeyer, Michael

doi:10.1111/j.1468-2516.2010.00345.x

Cited by 20 publications

(9 citation statements)

References 6 publications

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“…The main reasons for this are: first, financially illiterate will miss the higher long-term returns of the stock market; second, there is a high probability that households who realized returns during an economic downturn do not reinvest in risky assets very soon, which means that they do not participate in potential recovery processes directly after economic crises. Börsch-Supan et al (2010) show that "Suppose you had e100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow: more than e102, exactly e102, less than e102?…”

Section: Discussionmentioning

confidence: 99%

Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial Crisis

Bucher‒Koenen

Ziegelmeyer

2011

SSRN Journal

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for helpful comments. MEA is a research institute which is funded by two thirds through public third-party means for which we are very grateful. Furthermore, we would like to thank the state of Baden-Württemberg and the German Insurance Association for the basic funding of MEA. We are particularly grateful to the German Research Foundation (Deutsche Forschungsgemeinschaft) for financing the SAVE survey.† MEA and CDSE, University of Mannheim, 68131 Mannheim, Germany; e-mail: bucher@mea.unimannheim.de.‡ MEA, University of Mannheim, 68131 Mannheim, Germany; e-mail: ziegelmeyer@mea.unimannheim.de. AbstractWe study how and to what extent private households are affected by the recent financial crisis and how their financial decisions are influenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less likely to have invested in the stock market and thus are less likely to report losses in wealth.Yet, individuals with low financial literacy are more likely to sell their assets which lost in value (realize losses). This reaction to short-term losses has potential longterm consequences if individuals do not participate in markets' recovery and face lower returns in the long run.

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Section: Discussionmentioning

confidence: 99%

Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial Crisis

Bucher‒Koenen

Ziegelmeyer

2011

SSRN Journal

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“…9 See, e.g., Börsch-Supan et al (2010), Börsch-Supan and Gasche (2010b,a), Reil-Held (2009), Corneo et al (2009), Gasche and Ziegelmeyer (2010), Pfarr andSchneider (2011), Sommer (2007). differentiate the two (see Chiappori and Salanie (2000)).…”

Section: Literature and Hypothesesmentioning

confidence: 99%

Subjective Life Expectancy and Private Pensions

Bucher‒Koenen

Kluth

2012

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractOne important parameter in the decision process when buying a private annuity is individuals' subjective life expectancy, because it directly influences the expected rate of return. We examine the market for private annuities in Germany and evaluate potential selection effects based on subjective life expectancy. First individuals are pessimistic about their life span compared to the official life tables.Second we find a significant selection effect based on subjective life expectancy for women invested in private annuity contracts-so-called Riester pensions. For men there seems to be no difference in subjective life expectancy by Riester ownership.Comparing the size of this selection effect with the underlying mark ups in life expectancy that are charged by the insurance industry shows that the latter appears to be in line for women but too high for men. Our findings have strong policy implications. On the one hand miss-perceptions about longevity risk might prevent individuals from providing sufficiently for retirement, on the other hand mandated unisex tariffs appear to prevent men from investing in Riester pensions.

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“…Börsch‐Supan et al . () use a micro‐simulation model based on the 2003 SAVE wave to estimate how many households would be able to fill the pension gap created by the Riester reform, if they would keep their (at that time) current saving behavior. On average, the projected savings were enough to fill the gap between what they would have received as public pension under the old and the new pension system.…”

Section: Empirical Evidence From Germanymentioning

confidence: 99%

Savings in Times of Demographic Change: Lessons From the German Experience

Börsch‐Supan

Bucher‒Koenen²,

Coppola³

et al. 2015

Journal of Economic Surveys

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Abstract. Pension reforms in many developed countries make individuals shoulder a bigger share of longevity and income risks. The desired response is that individuals accumulate private assets for retirement. Whether this actually takes place, is of paramount relevance for scientists and policy makers. We take Germany as an example: Twenty years of pension reform have transformed the monolithic German pension system into a multipillar system. Formerly generous public pension benefits are gradually being reduced, whereas substantial incentives are granted to occupational and private saving schemes. Has this transition worked out? We survey the reform steps and households' reactions: How did individuals adjust their labor market behavior? How did private and occupational pension plans take off? How do behavioral adjustments vary in the population? Most Germans adapted to the new situation. Both actual and expected retirement decisions changed and the share of households without supplementary pensions decreased from 73% to 39% in little more than a decade. This is a remarkable success. Nonetheless, households with low education, low income and less financial education did neither adjust their retirement behavior nor pick up supplementary pension plans and are thus likely to face difficulties in bridging the gap arising in future pension income.

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Auswirkungen der Finanzkrise auf die private Altersvorsorge

Cited by 20 publications

References 6 publications

Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial Crisis

Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial Crisis

Subjective Life Expectancy and Private Pensions

Savings in Times of Demographic Change: Lessons From the German Experience

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