Myopic Savings Behaviour of Future Polish Pensioners
| Autor: | Marek Góra, Sonia Buchholtz, Jan Gąska |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
life-cycle saving
Generosity saving old-age poverty Poverty Public economics Strategy and Management media_common.quotation_subject Economics Econometrics and Finance (miscellaneous) pensions Standard of living lcsh:HG8011-9999 long-term saving Task (project management) lcsh:Insurance Power (social and political) Politics Order (exchange) Accounting ddc:330 Economics old-age Retirement age media_common |
| Zdroj: | Risks Volume 9 Issue 2 Risks, Vol 9, Iss 36, p 36 (2021) |
| ISSN: | 2227-9091 |
| DOI: | 10.3390/risks9020036 |
| Popis: | Low saving rates combined with low effective retirement age herald old-age poverty. This paper examines the preferred strategies of future Polish pensioners in order to sustain the standard of living in the future. A two-step approach is used: as a first-best strategy, we explore determinants of supplementary saving with binary logistic models as a second-best strategy, we examine alternative options with principal component analysis. Future retirees rarely accumulate long-term savings, do not use dedicated instruments, and they start to save additionally far too late. Savings are concentrated in wealthier and better educated groups. Such myopia is governed by their political stance and not by awareness of dire prospects. Second-best strategies are based on optimistic assumptions about future health (seeking for additional jobs), on the assumed generosity of acquaintances or social institutions (relying on external assistance), or on rebelling. Given the increasing political power of elder generations, balancing the interests of workers and retirees will be an increasingly difficult task for policy makers. |
| Databáze: | OpenAIRE |
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