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Nudging as an Instrument to Strengthen Pension Plannung in Germany

  • In the past years, the German pension system has been experiencing severe pressure. Demographic changes and the resulting implications for the German labor market have forced various pension reforms and reduced overall pension benefits. In recent years, researchers have developed various approaches to improve retirement schemes around the world. Apart from pension reforms, many of those approaches are based on recent findings within behavioral science – namely the nudge theory, which briefly stated holds that behavior of individuals can be influenced in a positive way without restricting freedom of choice. Within this thesis, findings and approaches have been applied to various parts of the German pension system, giving suggestions on how to overcome issues of insufficient participation and savings and unfavorable investments. Next to the hypothetical benefit of applying nudging to the German pension system, the approaches are discussed with perspective to their controversy. In the context of cultural research, theoretical and practical approaches are assessed for applicability in Germany. Although they might provide a foundation for improvement, the approaches are critically examined regarding their acceptance and effectiveness within the German culture.

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Author:Micha Schnierer
Advisor:Heike Stengel
Document Type:Bachelor Thesis
Year of Completion:2020
Granting Institution:Hochschule Furtwangen
Date of final exam:2020/02/26
Release Date:2020/04/28
Tag:Behavioral economics; Nudging; Pension planning
Page Number:52
Degree Program:IBW - Internationale Betriebswirtschaft
Functional area:Economics
Open-Access-Status: Closed Access 
Licence (German):License LogoUrheberrechtlich geschützt