Consumer Preferences and Demand for Annuities: Evidence From Hong Kong
Publication in refereed journal

香港中文大學研究人員
替代計量分析
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其它資訊
摘要Retirees without annuities in Hong Kong confront longevity and investment risks. Despite these risks, there is very limited uptake of annuities. This study identifies product and consumer characteristics that are associated with the demand for annuities in Hong Kong. We conduct a discrete choice experiment and distribute a consumer survey among two independent representative samples of workers aged between 40 and 64. Results suggest that a fixed monthly income and a 10-year guarantee period are two significant product characteristics, while a bequest motive, being married, and an understanding of the annuity are consumer characteristics that are associated with the demand for annuities. Being presented the optimal hypothetical annuity product, approximately one-third of middle-aged workers choose to annuitize their retirement savings. The findings and methods of this study can be applied for designing annuity products in other contexts.
出版社接受日期14.06.2018
著者Siu-yau Lee, Kee-Lee Chou, Wai-Sum Chan, Hans van Kippersluis
期刊名稱Journal of Aging and Social Policy
詳細描述https://doi.org/10.1080/08959420.2018.1542242
出版年份2019
卷號31
期次2
出版社Taylor & Francis Group
出版地United Kingdom
頁次170 - 188
國際標準期刊號0895-9420
電子國際標準期刊號1545-0821
語言英式英語
關鍵詞Annuity, demand, middle-aged workers, Chinese

上次更新時間 2021-18-01 於 01:35