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1 results

  • Can fiscal incentives to saving alleviate looming old-age poverty?

  • Joanna Tyrowicz, Krzysztof Makarski, Artur Rutkowski
  • Journal:
    Journal of Pension Economics & Finance / Volume 23 / Issue 3 / July 2024
    Published online by Cambridge University Press:
    05 October 2023, pp. 365-389
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  • We develop a general equilibrium overlapping generations framework with incompletely rational individuals to study old-age saving incentives. Such incentives are used worldwide to help achieve the high savings rate required to sustain sufficient consumption in old age. We show that they raise the welfare of financially illiterate individuals and those with a high degree of time inconsistency. They also reduce the incidence of poverty in old age. We further quantify the fiscal cost, crowd-out, and ability to target the transfers to individuals who need the most. Given the high prevalence of these schemes, our paper has broad policy implications.