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Greener pensions, greener choices: linking investments to sustainable behavior
Olga Balakina1, Charlotte Christiansen2, Malen Kallestrup-Lamb2
1Leibniz Institute for Financial Research SAFE, Germany; 2Aarhus BSS, Aarhus University, Denmark
This paper investigates the effects of offering sustainable investment options through a unique natural experiment that allowed individuals to switch to a plan with a strong sustainability focus. Using pension fund data combined with Danish population registers, we analyse the impact on individual consumption behaviours, particularly vehicle purchases and emissions. Offering sustainable pension options promotes sustainable consumption, primarily among individuals who decline the sustainable plan. Women, married individuals, and those with sustainable consumption patterns, such as owning electric vehicles, are more likely to select sustainable pensions, while higher income and financial sophistication predict lower uptake. These results highlight the indirect behavioural effects of sustainable investment choices and underscore the role of pension policies in fostering sustainable practices and societal change.
