Consumer Preferences and Demand for Annuities
| Autor: | Wai-Sum Chan, Siu Yau Lee, Hans van Kippersluis, Kee Lee Chou |
|---|---|
| Přispěvatelé: | Applied Economics |
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
Adult
Male Motivation Retirement Actuarial science Bequest Monthly income Discrete choice experiment Consumer Behavior Middle Aged Product characteristics Pensions Consumer survey Annuity (American) Surveys and Questionnaires Income Hong Kong Humans Female Business Investments Life-span and Life-course Studies Gerontology Demography |
| Zdroj: | Journal of Aging and Social Policy, 31(2), 170-188. Routledge |
| ISSN: | 0895-9420 |
| DOI: | 10.1080/08959420.2018.1542242 |
| Popis: | Retirees without annuities in Hong Kong confront longevity and investment risks. Despite these risks, there is very limited uptake of annuities. This study identifies product and consumer characteristics that are associated with the demand for annuities in Hong Kong. We conduct a discrete choice experiment and distribute a consumer survey among two independent representative samples of workers aged between 40 and 64. Results suggest that a fixed monthly income and a 10-year guarantee period are two significant product characteristics, while a bequest motive, being married, and an understanding of the annuity are consumer characteristics that are associated with the demand for annuities. Being presented the optimal hypothetical annuity product, approximately one-third of middle-aged workers choose to annuitize their retirement savings. The findings and methods of this study can be applied for designing annuity products in other contexts. |
| Databáze: | OpenAIRE |
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