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Overcoming the Saving SlumpHow to Increase the Effectiveness of Financial Education and Saving Programs$
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Annamaria Lusardi

Print publication date: 2009

Print ISBN-13: 9780226497099

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226497105.001.0001

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Learning from the Experience of Sweden: The Role of Information and Education in Pension Reform

Learning from the Experience of Sweden: The Role of Information and Education in Pension Reform

Chapter:
(p.324) Chapter Twelve Learning from the Experience of Sweden: The Role of Information and Education in Pension Reform
Source:
Overcoming the Saving Slump
Author(s):
Annika Sundén
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226497105.003.0013

This chapter describes Swedish pension reform and the vital role that information and education have played both in its implementation and on an ongoing basis. Relying on self-reports of participants, it documents that half of participants rate their knowledge of pensions as poor. The Premium Pension constitutes a relatively small portion of the new system, and participation is mandatory. The Orange Envelope is the cornerstone of communication to participants about the pension system. The results reveal that among those who opened the envelope, about 70 percent looked at the benefit projection during the first years the envelope was sent out. The fact that participants in general overestimate the role of the Premium Pension could contribute to the overall anxiety. The challenge for the National Social Insurance Agency is to consider alternative ways of communicating with participants so that they have the tools they need to plan for retirement.

Keywords:   information, education, Swedish pension reform, Premium Pension, Orange Envelope, National Social Insurance

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