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We evaluate the effect of the 2008 pension reform in Chile, applying a difference-in-difference estimation method to longitudinal survey data representative of the Chilean population. Our evidence suggests that those who started to receive a basic pension increased their debt more than their assets. We interpret this as an indicator of debt sustainability. The debt ratio increased significantly more for women, who may be particularly exposed to financial crises. The results raise concerns about the potential financial vulnerability of the population targeted by the reform, due to over-indebtedness.

The 2008 Chilean pension reform: household financial decisions and gender differences