this relation is driven by a link between internal economic locus of control and a lower perception of the risk of … investments more attractive. …

We show that people exposed to greater pension risk are less likely to invest in risky assets. We exploit a reform that …-making funding ratios a fund-specific measure of pension risk. The effect of pension risk is stronger for people who are better … affect investments in a pre-reform period, nor does it affect bequest intentions, (expected) retirement, or the motivations …