Using exogenous changes in the personal bankruptcy treatment of student loans as well as the level of student debt, we find that student debt has a negative effect on household retirement savings. This negative relation is present for younger and older individuals, and is larger for the latter group, indicating lower levels of retirement savings for precisely those who can least afford it. We also find that student debt is related to greater borrowing on retirement plans. Households with more student debt expect to have insufficient retirement income and are less able to plan financially for the long term.

中文翻译：

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学生债务增加是否会影响退休储蓄？来自消费者财务调查的证据

利用学生贷款的个人破产处理以及学生债务水平的外生变化，我们发现学生债务对家庭退休储蓄产生负面影响。这种负相关关系在年轻人和老年人中都存在，并且在后者群体中更大，这表明恰恰是那些最无力负担的人的退休储蓄水平较低。我们还发现，学生债务与退休计划借款增加有关。学生债务较多的家庭预计退休收入不足，并且不太能够进行长期财务规划。