Based on the belief that many people have under-saved and that the reason for under-saving is procrastination, paternalistic nudging to foster saving is often advocated by policy researchers. However, there is little empirical evidence that on hindsight individuals would wish to have saved more...

Using three major UK pension reforms as natural experiments we investigate the relationship between pension saving and discretionary private savings. Unlike most differences-in -differences approaches which rely on average differences between the control and the treatment group, we use economic...