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IZA Discussion Paper No. 18863
August 2026
Longevity Beliefs and Retirement Planning: Evidence from an Information Experiment and Expert Forecasts
Claudia Curi, Andreas Dibiasi, Francesco Nicolini, Matteo Ploner, Mirco Tonin

Using original survey data from working-age individuals in Northern Italy, we study longevity beliefs and other key knowledge components relevant for retirement decisions. We find substantial dispersion in population longevity beliefs, with 40% of individuals misestimating life expectancy by more than five years, and highly fragmented knowledge across domains. Providing actuarial life expectancy information -- tailored by age, gender, and county of residence -- does not affect beliefs about individuals’ own longevity or retirement plans, reflecting a disconnect between beliefs about one’s own longevity and that of others. We compare our results with forecasts provided by 262 academic experts. On average, experts accurately anticipate the levels and correlations of longevity literacy with other knowledge components, but they mispredict a strong updating response of own longevity expectations to the provision of population information that deviates markedly from what we observe in the data.

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