Frames, Incentives, and Education: Effectiveness of Interventions to Delay Public Pension Claiming

Franca Glenzer, Pierre-Carl Michaud and Stefan Staubli

CIRANO Working Papers from CIRANO

Abstract: Many near-retirees forgo a higher stream of public pension income by claiming early. We provide both quasi-experimental and survey-experimental evidence that the timing of public pension claiming is relatively inelastic to changes in financial incentives in Canada. Using the survey experiment, we evaluate the effect of two different educational interventions and different ways of framing the incentive to delay claiming. While all three types of interventions induce delays, these interventions have heterogeneous financial consequences for participants who react. De nombreux individus approchant de la retraite renoncent à un un flux plus élevé de revenu de pensions publiques en demandant ces dernières de manière anticipée. Nos analyses de type quasi-expérimentale et de type enquête-expérimentale montrent que, au Canada, le moment auquel les individus demandent leur pension du RPC / RRQ est relativement inélastique aux changements dans les incitations financières. Dans la portion utilisant une expérience par enquête, nous évaluons l'effet de deux interventions éducationnelles et de manières variables de présenter l’information concernant l’incitation au report de la demande de pension. Bien que les trois types d'interventions induisent des reports, elles ont des conséquences financières hétérogènes parmi les participants qui y réagissent.

Keywords: Pension Claiming; Annuities; Retirement; Financial Education; Framing; Demande de pension; rentes; retraite; éducation financière; encadrement (search for similar items in EconPapers)
JEL-codes: D91 H55 J14 J26 (search for similar items in EconPapers)
Date: 2023-03-13
New Economics Papers: this item is included in nep-age, nep-exp and nep-fle
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Working Paper: Frames, Incentives, and Education: Effectiveness of Interventions to Delay Public Pension Claiming (2023)
Working Paper: Frames, Incentives, and Education: Effectiveness of Interventions to Delay Public Pension Claiming (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:cir:cirwor:2023s-05

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