Social Security Uncertainty and Demand for Retirement Saving
| Autor: | Mario Padula, Tullio Jappelli, Immacolata Marino |
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| Přispěvatelé: | Jappelli, Tullio, Marino, Immacolata, Padula, Mario |
| Rok vydání: | 2020 |
| Předmět: |
Economics and Econometrics
Public economics social security uncertainty retirement saving Private pension Settore SECS-P/02 - Politica Economica Individual level subjective expectations Social security Settore SECS-P/03 - Scienza delle Finanze Economics Relevance (law) Household income Settore SECS-P/01 - Economia Politica health care economics and organizations Mechanism (sociology) |
| Zdroj: | Review of Income and Wealth. 67:810-834 |
| ISSN: | 1475-4991 0034-6586 |
| DOI: | 10.1111/roiw.12494 |
| Popis: | The life-cycle model predicts an association between increased demand for retirement saving and the level of expected future social security benefits. The precautionary saving model shows that the risk associated to future benefits also matters. If social security benefits become more uncertain, individuals should react by increasing their demand for retirement saving. To assess the empirical relevance of this mechanism, we relate individual level measures of social security risk to demand for retirement saving vehicles. Using the Bank of Italy Survey of Household Income and Wealth, we find higher participation in private pension funds among individuals who expect lower and more uncertain social security benefits. |
| Databáze: | OpenAIRE |
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