The financial crisis and consumers’ income and pension expectations

The expectations of economic agents play a crucial role in almost any inter-temporal economic model. A period of economic crisis may make consumer expectations more pessimistic and affect their saving or retirement plans and decisions. Using 2009-2012 panel data for a representative sample of the Dutch population, we analyze consumers’ perception of the crisis and its expected impact on the household. Second, we analyze the deviations between short run income expectations and realizations, and how they are shaped by how people perceive the crisis. Finally, we study how crisis perceptions affectretirement age and income expectations.

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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