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

Abigail Hurwitz, Olivia Mitchell and Orly Sade

No 28361, NBER Working Papers from National Bureau of Economic Research, Inc

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 peoples’ willingness to save and annuitize.

JEL-codes: G41 G5 J26 (search for similar items in EconPapers)
Date: 2021-01
New Economics Papers: this item is included in nep-age and nep-exp
Note: AG
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Citations: View citations in EconPapers (6)

Published as Abigail Hurwitz & Olivia S. Mitchell & Orly Sade, 2021. "Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation," AEA Papers and Proceedings, American Economic Association, vol. 111, pages 297-301, May.

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Journal Article: Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation (2021)
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