The Importance of Behavioural Factors for Pension Savings Decisions – Cross-Country Evidence

Anna Kaliciak; Radoslaw Kurach; Walid Merouani

doi:10.1556/032.2019.69.3.3

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Acta Oeconomica

Volume/Issue:: Volume 69: Issue 3

The Importance of Behavioural Factors for Pension Savings Decisions – Cross-Country Evidence

Authors:

Anna Kaliciak

Anna Kaliciak
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Radoslaw Kurach

Radoslaw Kurach
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Walid Merouani

Walid Merouani
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Pages:: 357–391

Online Publication Date:: Jul 2019

Publication Date:: 01 Jul 2019

Article Category:: Journal Article

DOI:: https://doi.org/10.1556/032.2019.69.3.3

Keywords:: supplementary pension savings; risk aversion; intertemporal choices; socio-demographic factors; Tobit models; C25; G41; J32

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In this study, we challenge the problem of inadequate voluntary pension savings by exploring the micro-dataset of the Luxembourg Wealth Study (LWS) for three countries: Italy, the United Kingdom and the United States. The existing empirical literature usually focuses on the role of socio-demographic factors to understand this phenomenon, and theoretical studies additionally highlight the role of behavioural factors. However, empirical studies in this field are extremely scarce. The use of the LWS data enables us to fill this research gap. Separately for each country, we verify the role of individuals' risk attitudes and intertemporal choices in the demand for voluntary pension savings. To make the results more robust, we add a set of socio-demographic control variables to our regressions. Our findings clearly reveal that being more risk averse and being less forward looking negatively affect people's propensity to save for retirement. Furthermore, we confirm that age, gender and education are significant predictors of pension demand in each of the analysed countries. We argue that these conclusions have practical meaning to improve regulatory frameworks.

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Acta Oeconomica Periodical of the Hungarian Academy of Sciences

Print ISSN:: 0001-6373

Online ISSN:: 1588-2659

Associate Editors

Péter Benczúr, Joint Joint Research Center, European Commission
Dóra Benedek, International Monetary Fund
Balázs Égert, OECD
Dániel Prinz, World Bank
Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

Anders Åslund, Georgetown University and Advisory Council of CASE, USA
István Benczes, Corvinus University of Budapest, Hungary
Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
Fabrizio Coricelli, University of Siena, Italy
László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
Martin Kahanec, Central European University, Austria
Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
Péter Mihályi, Corvinus University of Budapest, Hungary
Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: vanyai.judit@krtk.hu

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2023
Web of Science
Journal Impact Factor	0.7
Rank by Impact Factor	Q3 (Economics)
Journal Citation Indicator	0.23
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CiteScore	1.4
CiteScore rank	Q3 (Economics and Econometrics)
SNIP	0.385
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SJR index	0.218
SJR Q rank	Q4

Acta Oeconomica
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Acta Oeconomica
Language	English
Size	B5
Year of Foundation	1966
Volumes per Year	1
Issues per Year	4
Founder	Magyar Tudományos Akadémia
Founder's Address	H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher	Akadémiai Kiadó
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Responsible Publisher	Chief Executive Officer, Akadémiai Kiadó
ISSN	0001-6373 (Print)
ISSN	1588-2659 (Online)