Access the full text.
Sign up today, get DeepDyve free for 14 days.
(2016)
Living conditions survey
OECD (2017)
10.1787/pension_glance-2017-en
A. Fontes (2011)
Differences in the Likelihood of Ownership of Retirement Saving Assets by the Foreign and Native-BornJournal of Family and Economic Issues, 32
E. Fornero, C. Monticone (2011)
Financial Literacy and Pension Plan Participation in ItalyNetspar Research Paper Series
Goerlich Gisbert, F. José. (2016)
Distribución de la renta, crisis económica y políticas redistributivas
B. Groezen, H. Kiiver, Brigitte Unger (2009)
Explaining Europeans' preferences for pension provisionEuropean Journal of Political Economy, 25
L. Foster, Jo-Anne Smetherham (2013)
Gender and Pensions: An Analysis of Factors Affecting Women's Private Pension Scheme Membership in the United KingdomJournal of Aging & Social Policy, 25
Seonglim Lee, Myung-Hee Park, Catherine Montalto (2000)
The Effect of Family Life Cycle and Financial Management Practices on Household Saving PatternsInternational journal of human ecology, 1
Satish Kumar, Sweta Tomar, Deepak Verma (2019)
Women’s financial planning for retirementInternational Journal of Bank Marketing
J. Schumpeter, J. Keynes (1936)
The General Theory of Employment, Interest and Money.Journal of the American Statistical Association, 31
Y. Lum, Elizabeth Lightfoot (2003)
The effect of health on retirement saving among older workersSocial Work Research, 27
Ornella Ricci, M. Caratelli (2015)
Financial literacy, trust and retirement planningJournal of Pension Economics and Finance, 16
(2015)
Demography report
Review of Finance, 19
Jonas Radl (2012)
Too old to work, or too young to retire? The pervasiveness of age norms in Western EuropeWork, Employment & Society, 26
Pablo Cos, J. Jimeno, R. Ramos (2017)
The Spanish Public Pension System: Current Situation, Challenges and Reform Alternatives (El Sistema Público De Pensiones En España: Situación Actual, Retos Y Alternativas De ReformaPension Risk Management eJournal
S. Chatterjee (2010)
Retirement Savings Of Private And Public Sector Employees: A Comparative StudyJournal of Applied Business Research, 26
Journal of Pension Economics and Finance, 10
M. Garcia, Pedro Marques (2017)
Ownership of individual retirement accounts – an empirical analysis based on SHAREInternational Review of Applied Economics, 31
Dolores Moreno-Herrero, Manuel Salas‐Velasco, José Sánchez-Campillo (2017)
Individual Pension Plans in Spain: How Expected Change in Future Income and Liquidity Constraints Shape the Behavior of HouseholdsJournal of Family and Economic Issues, 38
Journal of Korean Home Economics Association, 1
R. Alessie, M. Rooij, A. Lusardi (2011)
Financial literacy and retirement preparation in the Netherlands*Journal of Pension Economics and Finance, 10
E. Fornero (2011)
Financial literacy and pension plan participation in Italy*Journal of Pension Economics and Finance, 10
Giuseppe Cappelletti, Giovanni Guazzarotti, Pietro Tommasino (2011)
What Determines Annuity Demand at Retirement?The Geneva Papers on Risk and Insurance - Issues and Practice, 38
Enríquez Macías, J. Pérez, R. Llorente (2015)
Determinantes de la participación de los trabajadores en los planes privados de pensiones en la UE
(2014)
The Economic Importance of Financial Literacy: Theory and Evidence
K. Goudswaard, K. Caminada (2009)
The Redistributive Effect of Public and Private Social Programmes: A Cross-Country Empirical AnalysisWiley-Blackwell: International Social Security Review
J. Banks, Zoé Oldfield (2006)
Understanding Pensions: Cognitive Function, Numerical Ability and Retirement SavingEuropean Finance
J. Duesenberry (1950)
Income, Saving, and the Theory of Consumer Behavior
K. Kurihara (2013)
Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data
Gur Huberman, S. Iyengar, Wei Jiang (2003)
Defined Contribution Pension Plans: Determinants of Participation and Contributions RatesJournal of Financial Services Research, 31
Frederick Changwony, Kevin Campbell, Isaac Tabner (2014)
Social Engagement and Stock Market ParticipationAustralasian Finance & Banking Conferences
Ting-Ying Yang, S. DeVaney (2012)
Determinants of Retirement Assets and the Amount in Stock in Retirement AssetsFamily and Consumer Sciences Research Journal, 41
Costanza Torricelli, Maria Brancati, M. Santantonio (2014)
Does Homeownership Partly Explain Low Participation in Supplementary Pension Schemes?ERN: Other Microeconomics: Welfare Economics & Collective Decision-Making (Topic)
Lucía Rey‐Ares, Sara Fernández‐López, Milagros Vivel-Búa (2018)
The Influence of Social Models on Retirement Savings: Evidence for European CountriesSocial Indicators Research, 136
Tahira Hira, Whitney Rock, C. Loibl (2009)
Determinants of retirement planning behaviour and differences by ageInternational Journal of Consumer Studies, 33
Sara López, Milagros Búa, L. González, D. Pazos (2012)
EL AHORRO PARA LA JUBILACIÓN EN LA UE: UN ANÁLISIS DE SUS DETERMINANTESRevista De Economia Mundial
The purpose of this paper is to study the driving forces of both the decision to participate in individual pension plans and the amount of money allocated to such plans. Moreover, this paper evaluates the potential role that income plays, which has not previously been considered in depth in the financial literature.Design/methodology/approachBased on a sample of the Spanish population over the period 2008–2015, this paper estimates probit and tobit models, using 165,791 observations. The driving forces of private retirement savings comprise demographic, financial and socio-economic characteristics.FindingsThis paper confirms the impact of socio-demographic and economic variables on participation and monetary contributions to pension plans. It also confirms that income plays a non-negligible role. Moreover, empirical evidence reveals that the effect of gender is related to the income stratum to which the individual belongs.Originality/valueRetirement planning plays a key role in retirees’ future income and several countries have emphasised the importance of private individual savings to supplement the minimum provided by public pension schemes. The previous literature has concluded that those who plan their retirement end their working lives with three times the wealth of non-planners. Consequently, analysis of whether people are saving enough for their retirement can contribute to avoiding future wealth inequalities among retirees. Spain is one of the countries with the greatest inequality in income distribution, so this issue is of even greater interest.
International Journal of Bank Marketing – Emerald Publishing
Published: Aug 15, 2019
Keywords: Income; Saving; Driving forces; Retirement; Individual pension plans; G23; G18
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.