Pension expectations and reality. What do Italian workers know about their future public pension benefits?

Baldini, Massimo ; Mazzaferro, Carlo ; Onofri, Paolo (2015) Pension expectations and reality. What do Italian workers know about their future public pension benefits? Bologna: Dipartimento di Scienze economiche DSE, p. 25. DOI 10.6092/unibo/amsacta/4249. In: Quaderni - Working Paper DSE (1007). ISSN 2282-6483.
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Abstract

We use 6 waves of the Bank of Italy’s Survey on household income and wealth (SHIW) to check the evolution of workers’ expectations on future pension benefits and retirement age from 2000 to 2012. Based on these two subjective evaluations, we compute a measure of expected pension benefit and compare it with a “true” measure of the same variable that we estimate on the basis of the pension rules in each year of the considered time lapse. By comparing subjective and “true” measures of the variable, we are able to measure the evolution over time of the “expectation error” and its distribution among different economic and demographic subsets of the population. Finally, we estimate a subjective measure of social security wealth and the degree of substitution between this variable and the private net worth of workers’ households, in order to quantify the effects of pension reforms approved in the period considered on wealth accumulation.

Abstract
Document type
Monograph (Working Paper)
Creators
CreatorsAffiliationORCID
Baldini, Massimo
Mazzaferro, Carlo
Onofri, Paolo
Keywords
Pension benefits, Expectations, Information, Saving, Private Accumulation
Subjects
ISSN
2282-6483
DOI
Deposit date
20 May 2015 12:42
Last modified
21 Oct 2015 09:58
URI

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