Prof. Hans Hoeken (Language and communication), Prof. Leo Lentz (Language and communication) and Dr Adriaan Kalwij (Economics) recieve € 250,000 from the Netspar academic knowledge network for a three-year study into the effectiveness of existing interactive online decision aids for pension scheme participants.
Pension Decision Aids
The study will examine the effectiveness of various so-called Pension Decision Aids (PDAs) that already exist. PDAs guide people in making well-informed retirement decisions through a series of questions and information presentation. By looking at certain fixed criteria (e.g., explicit notification of the decision being made; information on options, risks, opportunities, and uncertainties; and the provision of personalized recommendations), researchers will examine whether the PDAs produce the desired effect and whether that effect differs according to a person's degree of literacy and cognitive abilities.
Similar studies in the medical field have revealed that decision-making aids lead to better decisions and more knowledge, more accurate risk assessment, and greater confidence about the choices made. This project will attempt to determine whether PDAs can have a similar effect in the pensions domain and what we can learn from the design of the aids used on the medical field.
Netspar (Network for Studies on Pensions, Aging and Retirement) is a think tank and knowledge network dedicated to promoting a better understanding of the economic and social consequences of pensions, aging, and retirement in the Netherlands and Europe.