There are many signs that people are not saving enough for retirement with the consequence that they retire without adequate financial resources to maintain their comfortable life. Most studies has focused on the demographic and psychological factors that underlie financial planning and saving for retirement; however there hasbeen little research on the level of certainty of individuals about their pension savings adequacy prediction. The aim of this research is to asses what factors determine the level of certainty with which people can properly predict whether they save enough for their pension to maintain a comfortable life. In this study these factors are divided into three categories; socio-demographic, psychological and external factors.CentERdata has collected data from hundreds of households containing questions from various categories. In this study the relevant data is collected and then ordinal regressions are conducted to test the theoretical framework. Analyses reveal substantial support for the role of psychological factors on the level of certainty on the pension savings adequacy prediction. Four of six psychological factors appear to make a significant contribution to the model. Two demographic factors were also revealed to be important elements of the model as well as the external factor which effect is partly supported by the model. These findings have implications for thedevelopment of psychologically based models of decision making and theimprovement of training and educating people to make better informed pension decisions.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.


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