%0 Report
        %A Salamanca, Nicolás
%A Grip, Andries de
%A Sleijpen, Olaf
        %T How People React to Pension Risk
        %D 2020
        %8 2020 Mar
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 13077
        %U https://www.iza.org/publications/dp13077
        %X 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.
        %K individual portfolio choice
%K background risk
%K retirement planning
%K pension reform
%K The Netherlands