Seeking solutions to Vulnerability in Old Age: Preferences, constraints, and alternatives for coverage under Peru’s pension system

Abigail Barr and Truman G. Packard

No 2005-05, CSAE Working Paper Series from Centre for the Study of African Economies, University of Oxford

Abstract: Exploiting new data from a survey and behavioral experiment conducted in Peru we analyze individuals’ preferences for securing income in old age. We identify a group that is unrationed by the mandate to save in Peru’s pension system, and draw insights from their affiliation and contribution behavior. Among the unrationed, those who are more tolerant of risk, have more children, and have a greater share of housing in their accumulated assets are less likely to affiliate and/or contribute to the formal pensions system. Further, the less risk tolerant choose private individual retirement accounts over a publicly administered pension system.

Keywords: Pensions; vulnerability; risk preferences; Latin America (search for similar items in EconPapers)
JEL-codes: G23 H55 I38 O16 O17 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (5)

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Working Paper: Seeking solutions to vulnerability in old age: Preferences, constraints, and alternatives for coverage under peru`s pension system (2005)
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