What Age Do You Feel? - Subjective Age Identity and Economic Behaviors

摘要: Abstract Building on recent findings in psychology, we study the impact of subjective age identity (feeling younger or older than one's chronological age) economic behaviors. Using data from Health and Retirement Study find: Individuals with a have higher work engagement, their savings profile, as function gap, is hump-shaped. The effects are economically significant, for example, increasing gap by one standard deviation increases an individual's likelihood to be employed subsequent HRS wave 1.1% (about 21% conditional mean). relationships found consistent interplay two channels: Ability (self-perceived abilities perform certain behaviors) Preference (choosing (avoiding) “young” (“old”) behaviors). Our results implications policy financial advice that traditionally target individuals based age. That is, allowing more flexibility respect retirement decisions well aligning products services identities.