We examine financial literacy in Germany using data from the SAVE survey. We find that knowledge of basic financial concepts is lacking among women, the less educated, and those living in East Germany.

We present new evidence on financial literacy and retirement preparation in the Netherlands based on two surveys conducted before and after the onset of the financial crisis. We document that while financial knowledge did not increase from 2005 to 2010, significantly more individuals planned for their retirement in 2010.

In particular due to increasing female employment over the last decades employment has become more flexible in regard to the contract form and we observe more discontinuous employment careers. This paper discusses in how far retirement pension systems in Europe are suited to cover the specific risks of flexible workers. Recent reforms to these systems (e.g. the strengthening of private elements) and their outcomes on flexible workers are also scrutinised.

The current generation of workers can expect lower pension benefits in retirement than the current generation of pensioners. Private, voluntary pension savings will therefore play a greater role in providing for old age. This paper calculates the size of the “pension gap”: the difference between the benefits from mandatory retirement-income provision and a target pension level. It then computes the amount that people would need to save to achieve the target.

Most countries have separate pension plan for public sector employees. The future fiscal burden of these plans can be substantial as the government usually is the largest employer, pension promises in the public sector tend to be relatively generous, and future payments have to be paid out directly from government revenues (pay-as-you-go) or by funded plans (pension funds) which tend to be underfunded.

Det svenska tjänstepensionssystemet är onödigt krångligt och oöverskådligt för löntagarna. Det menar de danska professorerna Michael Møller och Niels Christian Nielsen, båda vid Copenhagen Business School, som på SNS uppdrag har granskat det svenska tjänstepensionssystemet. De föreslår ett reformerat tjänstepensionssystem med en obligatorisk del med enhetliga regler för inbetalningar, placeringar och utbetalningar och en frivillig del som ger ökad valfrihet för individen.

A growing literature shows how consumers make mistakes in a variety of different settings pertinent to financial decision-making. Using data from a randomized experiment in Chile, we show how different ways of presenting pension management fees shape consumer choices, and how responses to pension fee information varies by level of financial literacy. Our results indicate that, in choosing pension funds, those with lower levels of education, income, and financial literacy rely more on employers, friends, and coworkers, than on fundamentals. We also find that such individuals are more responsive to information framing when interpreting the relative benefits of different investment choices.

Most countries have separate pension plan for public sector employees. The future fiscal burden of these plans can be substantial as the government usually is the largest employer, pension promises in the public sector tend to be relatively generous, and future payments have to be paid out directly fromgovernment revenues (pay-as-you-go) or by funded plans (pension funds) which tend to be underfunded. The valuation and disclosure of these promises in some countries lacks transparency, which may be hiding potentially huge fiscal liabilities that are being passed on to future generations of workers.

Med innføringen av pensjonsreformen fra nyttår 2011 ble det mulig å ta ut alderspensjon før fylte 67 år. I denne artikkelen gis det en analyse av hva som kjennetegner de som valgte å benytte seg av denne muligheten, sammenlignet med dem som ikke gjorde det.

In particular due to increasing female employment over the last decades employment has become more flexible in regard to the contract form and we observe more discontinuous employment careers. This paper discusses in how far retirement pension systems in Europe are suited to cover the specific risks of flexible workers. Recent reforms to these systems (e.g. the strengthening of private elements) and their outcomes on flexible workers are also scrutinised.