@TechReport{iza:izadps:dp13077,
            	author={Salamanca, Nicolás and Grip, Andries de and Sleijpen, Olaf},
            	title={How People React to Pension Risk},
            	year={2020},
	month={Mar},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={13077},
            	url={https://www.iza.org/publications/dp13077},
	abstract={We show that people exposed to greater pension risk are less likely to invest in risky assets. We exploit a reform that links people's future pension benefits to their pension funds' funding ratio—a measure of the fund's financial health—making funding ratios a fund-specific measure of pension risk. The effect of pension risk is stronger for people who are better informed about their pensions, for retirees and pension-age non-retirees, and for wealthier people. The funding ratio does not affect investments in a pre-reform period, nor does it affect bequest intentions, (expected) retirement, or the motivations for saving.},
	keywords={individual portfolio choice;background risk;retirement planning;pension reform;The Netherlands},
            }