Climate Risk and Retirement Savings
C. Estrada Mejía (TU Delft - Responsible Marketing and Consumer Behavior)
Hungsoo Kim (University of Kentucky)
Marcel Zeelenberg (Tilburg University)
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Abstract
Climate change has caused both substantial short and long-term financial impacts on individuals and families. Little research, however, has examined its financial consequences on retirement savings. This study explores the relationship between climate risk (CR) and retirement wealth, and related pathways via risk aversion and regret with 1,438 Dutch respondents. Findings show that CR is positively related to risk aversion and avoidance of regret, and more savings for retirement. The findings indicate that CR is a relevant determinant of savings for retirement, but it is inconclusive that more savings is through precautionary motive or future regret.
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