Saving regrets at retirement

  • Stefano Castaldo Stefano Castaldo
  • Francesco Maura Francesco Maura
  • Guglielmo Weber Guglielmo Weber
  • Martina Celidoni Martina Celidoni
  • Nancy Zambon Nancy Zambon

In this paper, we study self-reported saving and spending regrets, a piece of information directly elicited in the Survey of Health, Aging and Retirement in Europe (henceforth SHARE). Using data from the eighth regular wave and the second Corona survey, we find a general scarcity of regret, indeed people tend to declare that – even if they could change – they would repeat the same choices made in the past. However, observing how regrets change around retirement, we find evidence of a heterogeneous effect depending on the retirement scheme: compared to workers, people who take the option for early retirement tend to report fewer no regrets and more saving regrets while those who choose the old-age pension do not exhibit any change in regrets.

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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