The Financial Crisis and Consumers' Income and Pension Expectations

24 Pages Posted: 30 Sep 2014

See all articles by Luc Bissonnette

Luc Bissonnette

Université Laval

Arthur van Soest

Tilburg University; Netspar; RAND Corporation; Institute for the Study of Labor (IZA)

Date Written: September 30, 2014


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 affect retirement age and income expectations.

Keywords: Subjective probabilities, retirement, replacement rates

Suggested Citation

Bissonnette, Luc and van Soest, Arthur H. O. and van Soest, Arthur H. O., The Financial Crisis and Consumers' Income and Pension Expectations (September 30, 2014). Netspar Discussion Paper No. 09-2014-041, Available at SSRN: or

Luc Bissonnette

Université Laval ( email )

Université Laval, Pavillon J-A-DeSève, #2264
Québec, Quebec G1K 7P4 G1V0A6

Arthur H. O. van Soest (Contact Author)

Tilburg University ( email )

P.O. Box 90153
Tilburg, DC Noord-Brabant 5000 LE


P.O. Box 90153
Tilburg, 5000 LE

RAND Corporation ( email )

P.O. Box 2138
1776 Main Street
Santa Monica, CA 90407-2138
United States

Institute for the Study of Labor (IZA)

P.O. Box 7240
Bonn, D-53072

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