Barriers to Saving for Retirement: Evidence from a Public Pension Program in Mongolia

Tomoaki Tanaka, Junichi Yamasaki, Yasuyuki Sawada and Khaliun Dovchinsuren

Journal of Political Economy Microeconomics, 2025, vol. 3, issue 2, 344 - 383

Abstract: We study constraints to pension participation using a randomized controlled trial and administrative records covering approximately 40% of Mongolian subdistricts. Our analysis reveals a reasonable increase in the pension contribution rate by providing information on a mobile payment option. We also find that information about foreign aid experts involved in the pension administration increases the contribution rate. These effects, amounting to around 10% of the mean, suggest that individuals’ perceived transaction costs and trust in the program influence their pension demand. Foreign aid seems to facilitate citizens’ participation in government programs by changing their perceptions of these services.

Date: 2025
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