Save the Best for Last?

Awareness and knowledge of pension varies between old and young employees. Of the Dutch population between 21 and 34 years old, 75 percent admit to being completely unaware of their pension status. As a result, they risk receiving a lower pension after retirement than they expect. This study examines whether and how the attitude towards retirement benefits and preferences for retirement plan features varies among employees of different ages. An analysis of cross-sectional data from the Global Attitude Benefits Survey, provided by Willis Towers Watson, reveals that the attitude towards retirement benefits and preferences for retirement plan features varies significantly between older and younger employees. Furthermore, this study finds that older employees are more risk-averse than younger employees in their preferences for retirement plan features. The study contributes to the development of personalised pension schemes specific to the individual needs and preferences of employees.