How to de ne the most appropriate institutional framework that could encourage to better plan retirement? The French population used to consider that the PAYG public pension system should finance pensions. The pension system being based on an insurance principle and intergenerational risk sharing, once retired, households estimate that the public system has to provide them an adequate level of pension. But in the context of pension reforms, the replacement rates provided by the PAYG pension system are going to decrease. Households will need to increase their savings rates to maintain their standard of living during retirement. We test the impact of new risks and aspects of the aging issue on retirement related asset holding behaviour. We integrate the longevity and disability risks, the impact of the public pension information system, which is a way to improve private nancial education and awareness, and psychological variables. We estimate bivariate probit models to better understand these behaviours. Our results indicate that the households change their mind and adapt their behaviour to new economic and demographic issues. The implementation of the pension information right allows them to increase their private savings for the retirement and the life expectancy at old age increases the probability to hold an annuity contract.
