The purpose of this paper is to analyze what factors are driving the retirement savings of Europe... more The purpose of this paper is to analyze what factors are driving the retirement savings of European individuals and whether there are marked differences in retirement preparation among a sample of European countries. Our evidence is based on a sample of 6,036 individuals from eight European countries. The results show that although the percentage of savers for retirement varies widely
... David Rodeiro, Sara Fern??ndez, Milagros Vivel and Mar??a Jes??s Rodr??guez University of San... more ... David Rodeiro, Sara Fern??ndez, Milagros Vivel and Mar??a Jes??s Rodr??guez University of Santiago de Compostela, Santiago de Compostela ... In order to contrast the correlation between the individual effects and the independent variables, both the Hausman test (Hausman, 1978 ...
Purpose: Population ageing is a challenge for many developed countries, but constitutes a matter ... more Purpose: Population ageing is a challenge for many developed countries, but constitutes a matter of particular concern for Southern European countries, which are still suffering the consequences of the economic downturn started in 2007. Therefore, our main objective is the study of the potential driving factors of saving for retirement in Portugal and Spain, two countries where public pension systems play a crucial role.
Design/methodology/approach: The research comprises two main sections: firstly, the literature review of the recent advances in this area; and secondly, an empirical analysis of data from the Survey of Health, Ageing and Retirement in Europe.
Findings: The results of the multivariate analysis highlight that saving for retirement in Portugal and Spain is in general low -in fact, nearly 20% of the sample have a pension plan- and is positively related to education, job situation, residential area, homeownership and saving habits; and negatively related to financial risk aversion and right-wing political orientation.
Research limitations/implications: A potential limitation of the study could be the use of cross-sectional data. However, the research has important implications in the future design of financial retirement planning, as the need for considering individuals’ heterogeneity.
Originality/value: The main contributions of this research are related to the characterization of Portuguese and Spanish savers for retirement -as opposed to previous studies, mainly focused on Anglo-Saxon countries-; as well as the inclusion of new potential driving factors of retirement saving, such as political orientation or health status, hardly studied by previous financial literature.
The purpose of this paper is to analyze what factors are driving the retirement savings of Europe... more The purpose of this paper is to analyze what factors are driving the retirement savings of European individuals and whether there are marked differences in retirement preparation among a sample of European countries. Our evidence is based on a sample of 6,036 individuals from eight European countries. The results show that although the percentage of savers for retirement varies widely
... David Rodeiro, Sara Fern??ndez, Milagros Vivel and Mar??a Jes??s Rodr??guez University of San... more ... David Rodeiro, Sara Fern??ndez, Milagros Vivel and Mar??a Jes??s Rodr??guez University of Santiago de Compostela, Santiago de Compostela ... In order to contrast the correlation between the individual effects and the independent variables, both the Hausman test (Hausman, 1978 ...
Purpose: Population ageing is a challenge for many developed countries, but constitutes a matter ... more Purpose: Population ageing is a challenge for many developed countries, but constitutes a matter of particular concern for Southern European countries, which are still suffering the consequences of the economic downturn started in 2007. Therefore, our main objective is the study of the potential driving factors of saving for retirement in Portugal and Spain, two countries where public pension systems play a crucial role.
Design/methodology/approach: The research comprises two main sections: firstly, the literature review of the recent advances in this area; and secondly, an empirical analysis of data from the Survey of Health, Ageing and Retirement in Europe.
Findings: The results of the multivariate analysis highlight that saving for retirement in Portugal and Spain is in general low -in fact, nearly 20% of the sample have a pension plan- and is positively related to education, job situation, residential area, homeownership and saving habits; and negatively related to financial risk aversion and right-wing political orientation.
Research limitations/implications: A potential limitation of the study could be the use of cross-sectional data. However, the research has important implications in the future design of financial retirement planning, as the need for considering individuals’ heterogeneity.
Originality/value: The main contributions of this research are related to the characterization of Portuguese and Spanish savers for retirement -as opposed to previous studies, mainly focused on Anglo-Saxon countries-; as well as the inclusion of new potential driving factors of retirement saving, such as political orientation or health status, hardly studied by previous financial literature.
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Design/methodology/approach: The research comprises two main sections: firstly, the literature review of the recent advances in this area; and secondly, an empirical analysis of data from the Survey of Health, Ageing and Retirement in Europe.
Findings: The results of the multivariate analysis highlight that saving for retirement in Portugal and Spain is in general low -in fact, nearly 20% of the sample have a pension plan- and is positively related to education, job situation, residential area, homeownership and saving habits; and negatively related to financial risk aversion and right-wing political orientation.
Research limitations/implications: A potential limitation of the study could be the use of cross-sectional data. However, the research has important implications in the future design of financial retirement planning, as the need for considering individuals’ heterogeneity.
Originality/value: The main contributions of this research are related to the characterization of Portuguese and Spanish savers for retirement -as opposed to previous studies, mainly focused on Anglo-Saxon countries-; as well as the inclusion of new potential driving factors of retirement saving, such as political orientation or health status, hardly studied by previous financial literature.
Design/methodology/approach: The research comprises two main sections: firstly, the literature review of the recent advances in this area; and secondly, an empirical analysis of data from the Survey of Health, Ageing and Retirement in Europe.
Findings: The results of the multivariate analysis highlight that saving for retirement in Portugal and Spain is in general low -in fact, nearly 20% of the sample have a pension plan- and is positively related to education, job situation, residential area, homeownership and saving habits; and negatively related to financial risk aversion and right-wing political orientation.
Research limitations/implications: A potential limitation of the study could be the use of cross-sectional data. However, the research has important implications in the future design of financial retirement planning, as the need for considering individuals’ heterogeneity.
Originality/value: The main contributions of this research are related to the characterization of Portuguese and Spanish savers for retirement -as opposed to previous studies, mainly focused on Anglo-Saxon countries-; as well as the inclusion of new potential driving factors of retirement saving, such as political orientation or health status, hardly studied by previous financial literature.