Trust and the behavioral economics of automatic enrollment in pensions: a comparison of the UK and Poland

Kamila Bielawska and John A. Turner

Journal of Economic Policy Reform, 2023, vol. 26, issue 2, 216-237

Abstract: Experience in the UK with auto enrolling workers in pensions indicates that once enrolled, most workers stay enrolled, suggesting that auto enrollment may be a desirable policy for other countries. However, the experience with auto enrollment is much different in Poland. This paper examines the argument that inertia is not a strong force when workers distrust in the security of future pension benefits. We present a simple conceptual framework where trust affects the subjective probability distribution of workers relating to future pension benefits. We investigate how this framework might explain the high opt-out rate in Poland.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:taf:jpolrf:v:26:y:2023:i:2:p:216-237

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DOI: 10.1080/17487870.2023.2179488

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