Saving Regret

Axel H. Börsch-Supan, Tabea Bucher-Koenen, Michael Hurd () and Susann Rohwedder

No 25238, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We define saving regret as the wish in hindsight to have saved more earlier in life. We measured saving regret and possible determinants in a survey of a probability sample of those aged 60-79. We investigate two main causes of saving regret: procrastination along with other psychological traits, and the role of shocks, both positive and negative. We find high levels of saving regret but relatively little of the variation is explained by procrastination and psychological factors. Shocks such as unemployment, health and divorce explain much more of the variation. The results have important implications for retirement saving policies.

JEL-codes: D14 D15 (search for similar items in EconPapers)
Date: 2018-11
New Economics Papers: this item is included in nep-age
Note: AG LS
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