boost private savings at the macro level by converting a government financial liability into private wealth. At the micro …-level, however, crowding-out effects on household savings could be offsetting some of this increase in private savings and may lead … social security reform with PRAs does indeed crowd out household savings and recommends strengthening voluntary savings for …

How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … change the level of pensions, but only manipulated the knowledge about and salience of expected pension payments. Using … on private retirement savings. Our results show that the letters increase private retirement savings. The effects are …

heterogeneity of rearing costs and of enjoying children is introduced. Two major results: (i) excluding negative savings, fertility … decreases with pension contributions and increases with taxes; (ii) the introduction of fertility-dependent pensions may …