Pension Information and Women's Awareness

25 Pages Posted: 10 Aug 2020

See all articles by Marta Angelici

Marta Angelici

Università degli Studi di Milano-Bicocca

Daniela Del Boca

University of Torino

Noemi Oggero

University of Turin

Paola Profeta

Bocconi University

Mariacristina Rossi

University of Turin, Esomas

Claudia Villosio

LABORatorio R. Revelli, Centre for Employment Studies; R&P Ricerche e Progetti

Abstract

We explore the role of financial and pension information in increasing women's knowledge and awareness of their future pension status, and consequently, in reducing the gender pension gap. A representative sample of 1249 Italian working women were interviewed to assess their knowledge about pensions and financial issues and about their own savings and personal wealth planned for retirement. The responses showed that their knowledge and awareness of retirement planning was limited. We then ran a randomized experiment to evaluate the effect of increased information regarding pensions on women's awareness, knowledge, and behaviors. Women in the treated group were provided information in the form of three short online tutorials. A follow-up survey shows that these women became more interested and aware of pension schemes and retirement options after completing the tutorials and were more likely to be better informed and keen to obtain further information. When looking at changes in behavior, we find that treated women who are closer to retirement are more likely to believe that they would make different work-life decisions if they received specific pension information in a timely fashion. They are also more likely to have a supplementary pension fund if they are concerned about their standard of living after retirement.

Keywords: women, pension, savings, financial education

JEL Classification: H31, G51, J22

Suggested Citation

Angelici, Marta and Boca, Daniela Del and Oggero, Noemi and Profeta, Paola and Rossi, Mariacristina and Villosio, Claudia, Pension Information and Women's Awareness. IZA Discussion Paper No. 13573, Available at SSRN: https://ssrn.com/abstract=3669502

Marta Angelici (Contact Author)

Università degli Studi di Milano-Bicocca ( email )

Piazza dell'Ateneo Nuovo, 1
Milano, Milan 20126
Italy

Daniela Del Boca

University of Torino ( email )

Torino
Italy

Noemi Oggero

University of Turin ( email )

Corso Unione Sovietica 218 bis
Torino, Turin 10134
Italy

Paola Profeta

Bocconi University ( email )

Milan, MI
Italy

Mariacristina Rossi

University of Turin, Esomas ( email )

Corso Unione Sovietica
Torino, Torino 10100
Italy

Claudia Villosio

LABORatorio R. Revelli, Centre for Employment Studies ( email )

Via Real Collegio 30
10024 Moncalieri
Italy
+39 011.670.50.63 (Phone)
+ 39 011 6705061 (Fax)

R&P Ricerche e Progetti ( email )

Via Bava 8
Torino 10124
Italy
011-888100 (Phone)

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