How the German Pension System can benefit from insights of behavioural economics - Repository of University of Wroclaw

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How the German Pension System can benefit from insights of behavioural economics

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How the German Pension System can benefit from insights of behavioural economics

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demographic crisis pension system behavioral economics nudge

Due to the demographic change that has been going on for several decades, the pension system in Germany is being heavily burdened. The German pension system can be described as a three-pillar system that includes not only the compulsory statutory pension insurance, but also the company pension schemes and the private pension schemes. However, the statutory pension insurance is particularly affected by the demographic crisis. The resulting declining birth rates and the rising life expectancy caused an unfavorable ratio between contributors and recipients of this system. Several pension reforms have already been introduced in Germany in order to manage this crisis, but the expected results did not occur. This article is therefore concerned with the findings of behavioral economics and what solutions it gives for this problem. In addition, areform concept for Germany with behavioral economic elements is presented — “Deutschlandrente”.

Wydawnictwo Uniwersytetu Wrocławskiego

ISSN 1733-5779 ISSN 0239-6661

10.19195/1733-5779.34.11

Studenckie Prace Prawnicze, Administratywistyczne i Ekonomiczne, ISSN 1733-5779. Nr 34, 2020, s. 161-170

Czasopisma Naukowe w Sieci (CNS)

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