Retirement Savings – Determinants of Households’ Behaviour
Olejnik, I.
Abstract:
Within the last few years, the inefficiency of the pension systems is more and more often perceived as a global problem and there has been an increase in the interest in the issues of the systems which are to provide financial security in old age. Efficient and effective construction of social security systems, which lower or prevent the effects of the risk faced in old age has become an important goal of social policy in numerous countries. In-depth research of consumers behaviour in terms of retirement savings should form the basis for the further development of social policy and state instruments supporting individual provision for old age. Retirement savings equal consumption postponed to the final stage of human life. Hence, the estimate of the amount of money that would provide a dignified life for a retired person is very difficult, and thus – often wrong. The aim of the article is to identify the determinants of the saving behaviour of households’ representatives intended for retirement security. There are three kinds of factors analysed – demographic, social and economic, as well as the level of financial awareness and expectations as to the level of future consumption after retiring from work. The latter is the responsibility of state institutions. The source of data includes statistics and the results of a representative questionnaire research carried out in 2012 among customers. The research has been conducted on 493 working individuals – Polish residents. With regard to its subject, the research concerned, among other aspects, the attitudes and opinions on saving for retirement. It has been conducted in the Department of Market Research and Services of Poznan University of Economics. The applied method was direct interviews involving interviewers, with a standardised questionnaire (PAPI) used. The measures of descriptive statistics and correlation coefficients have been used in the analyses. The analysis of the relationship between demographic-economic features and attitudes towards saving for retirement has been also conducted with the use of the classification trees of the IBM SPSS Statistics package.
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APA citation
- Olejnik, I. (2013). Retirement Savings – Determinants of Households’ Behaviour. International Journal of Social Sciences, II(3), 105–116.