Chapter 12: Retirement policy and saving behavior
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With the aging of populations and mounting pressures on public pensions systems for state benefits, many retirees are experiencing financial hardship, and this has prompted the need for retirement reform. This chapter aims to understand the role of retirement policies in the retirement savings behavior of individuals. A literature review on mandatory and delayed retirement policies is provided. Research literature on active aging policies is then analyzed. The implications of these policies, particularly on the lives and livelihoods of vulnerable consumers, are examined. The literature review uncovers three key themes: the influence of policy illiteracy on savings outcomes, the lack of age inclusivity in occupational schemes, and the persistence of gender bias in retirement policies. Future research directions are offered relating to policy implications for improved savings outcomes. Potential research questions include examining the extent to which retirement policies influence individuals’ retirement savings time horizons and savings trajectories.

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