Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation

Abigail Hurwitz, Olivia Mitchell and Orly Sade

AEA Papers and Proceedings, 2021, vol. 111, 297-301

Abstract: We experimentally study individuals' perceptions about and advice to others regarding retirement savings and annuitization during the pandemic. Many people recommend that others save more for retirement, but those most affected by the pandemic tell others to save and annuitize less. We investigate two possible channels for this result and show that the pandemic does not substantially alter optimism regarding survival probabilities. Hence, we conclude that economic factors are driving our results. Consequently, some financial ramifications of the COVID-19 outbreak are yet to be revealed, as the pandemic is having longer-term effects on people's willingness to save and annuitize.

JEL-codes: D15 G51 I12 J14 J26 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (6)

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Working Paper: Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation (2021)
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DOI: 10.1257/pandp.20211001

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