The Effect of Pension Reform on Pension-Benefit Expectations and Savings Decisions in Japan

Tsunao Okumura, 綱雄 奥村, Emiko Usui and 恵美子 臼井

No 559, CIS Discussion paper series from Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

Abstract: Using the Japanese Study of Aging and Retirement (JSTAR), a new Japanese panel survey of people age 50 or older, we find that many Japanese in their early 50s - compared with those in their late 50s and early 60s - expect their level of public pension benefits to decline. We find that recent pension reform, which raised the pensionable age, affected people by increasing the age when they expect to claim their benefits by almost the exact same amount for all. The reform decreases their expectations for public pension benefits, although this effect is not necessarily significant. We also find evidence that individuals’ anxiety about the public pension program’s future induces an increase in their private savings.

Keywords: subjective expectations; pension reform; uncertainty; savings (search for similar items in EconPapers)
JEL-codes: E21 H55 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2012-06
New Economics Papers: this item is included in nep-age, nep-dem and nep-lab
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/23107/cis_dp559.pdf

Related works:
Journal Article: The effect of pension reform on pension-benefit expectations and savings decisions in Japan (2014)
Working Paper: Effect of Pension Reform on Pension-Benefit Expectations and Savings Decisions in Japan (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:cisdps:559

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