Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/336470 
Year of Publication: 
2025
Series/Report no.: 
Danmarks Nationalbank Working Papers No. 216
Publisher: 
Danmarks Nationalbank, Copenhagen
Abstract: 
Many people forgo substantial economic gains by not responding to financial incentives, even in major decisions such as retirement savings and mortgage refinancing. But do the same people systematically fail to respond across financial contexts? We study this using a quasi-experimental setting that combines policy changes in pension incentives with shifts in mortgage refinancing incentives from interest rate fluctuations. Linking Danish administrative records, we uncover a striking independence between financial decisions: people who are inactive in one context are not systematically inactive in the other. One implication is that the costs of inaction are not concentrated among specific groups.
Document Type: 
Working Paper

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