Longevity risk, subjective survival expectations, and individual saving behavior

Theoretical studies suggest that unexpected changes in future survivalprobabilities (longevity risk) are important determinants of individuals’ decisions about consumption, saving, asset allocation, and retirement timing. This study provides empirical evidence that individuals are indeed aware of longevity risk and that this awareness affects their savings decisions. These results are based ona data set that matches subjective survival expectations and savings indicators from the Survey of Health, Ageing and Retirement in Europe (SHARE) with life table data from the Human Mortality Database.

Netspar, Network for Studies on Pensions, Aging and Retirement, is a thinktank and knowledge network. Netspar is dedicated to promoting a wider understanding of the economic and social implications of pensions, aging and retirement in the Netherlands and Europe.


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