Whether higher lifetime income households do save a larger share of their income is one of the longstanding empirical questions in economics that has been surprisingly difficult to answer. We use both consumption data and a new dataset containing both individual survey data on wealth holdings...

This chapter describes the operation of both the compulsory pension annuity and voluntary annuity markets in the U.K. and evaluates prices using a money's worth approach. We find that the money's worth was about 0.90 to 2004 but it then fell to about 0.80, although there is uncertainty about the...

Demographic changes, tight public budgets, and reduced generosity of occupational pension plans shift the responsibility for an adequate retirement provision towards the individual. Applying the theoretical perspectives of Behavioural Finance and New Institutionalism to the domain of retirement...

Saving for retirement is fraught with risk and uncertainty. For those not privileged by participation in a defined benefit pension plan, the issue is made complex and problematic by the failure of inherited decision rules: the options available are variable in terms of their costs and possible...

This study examines the role of human agency in additional retirement saving activity for British adults in their 30s and 40s on the premise that individuals are increasingly encouraged to save more and from earlier on. Young adults' inadequate retirement saving has largely been explained by...

Several changes have been made to the state and workplace pension schemes in recent decades in Britain. One of the implications of these changes is that individuals now carry greater risks in accumulating and generating retirement income. Many studies have discussed the role of attitudinal and...