Marco Bertoni, Giorgio Brunello, Filippo da Re (2023)

Pension reforms, longer working horizons and depression. Does the risk of automation matter? Available at

We investigate the effect of postponing minimum retirement age on middle-aged workers’ depression. Using pension reforms in several European countries and data from the SHARE survey, we find that depression increases with a longer work horizon, but only among workers in occupations with a relatively high risk of automation. We explain our results with the higher job insecurity associated with occupations that are more exposed to automation, and rule out alternatives, including pension wealth effects and the differential exposure of occupations to the business cycle.