Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation: AEA PAPERS AND PROCEEDINGS

A Hurwitz; OS Mitchell; O Sade

doi:10.1257/pandp.20211001

Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation: AEA PAPERS AND PROCEEDINGS

A Hurwitz, OS Mitchell, O Sade

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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 people's willingness to save and annuitize.

Original language	American English
Pages	297-301
Number of pages	5
DOIs	https://doi.org/10.1257/pandp.20211001
State	Published - May 2021

Bibliographical note

https://openurl.ebsco.com/srh%3ASRH.610DA0AD.0E13BAB5/detailv2?sid=Primo&volume=111&custid=s5122861&date=2021&spage=297&issn=2574-0768&genre=proceeding&authtype=shib&title=AEA%20papers%20and%20proceedings.&epage=301&doi=10.1257%2Fpandp.20211001

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title = "Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation: AEA PAPERS AND PROCEEDINGS",

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 people's willingness to save and annuitize.",

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AU - Mitchell, OS

AU - Sade, O

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AB - 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 people's willingness to save and annuitize.

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ER -

Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation: AEA PAPERS AND PROCEEDINGS

Abstract

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