Project in detail

Pension Information, Financial Literacy, and Retirement Saving Behavior in Germany

Members of this project:



Detailed information regarding pension entitlements from the public pension scheme is essential for individuals to make an informed decision whether to engage in a supplementary pension plan. For this reason, the German pension authority implemented a pension information statement (Renteninformation) in 2004, which is send annually to all insured members. The basis for the empirical analysis provides the SAVE data set, a German longitudinal household survey focused on saving behavior. The survey collects detailed quantitative information on both the financial structure and relevant socio-psychological aspects of a representative sample of German households. In addition, several measures of financial literacy have been collected over the years. The data of the 2011 survey were collected during spring 2012 including three questions on the annual pension information statement. After ten years, the statement is well-known and widely read. However, it transpires that certain groups prove to be more difficult to inform as they don’t read the information properly or sometimes not at all. In addition to that, receiving and reading the statement only relates to a change in savings behavior of a smaller group of individuals. The results of this project have been published in 2014 in the journal "Sozialer Fortschritt" and as a chapter of the dissertation thesis.

Publications arisen from this project:
  • Haupt, Marlene (2014): Die Renteninformation - Eine Evaluation aus verhaltensökonomischer Perspektive, Sozialer Fortschritt, 63, 3, 42-51
  • Haupt, Marlene (2014): Konsumentensouveränität im Bereich privater Altersvorsorge: Informationen und Institutionen, Wirtschafts- und Sozialpolitik, 13, Nomos, Baden-Baden, 262

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