Determinants of the Europeans’ Retirement Savings

23 Pages Posted: 20 Dec 2009

See all articles by Sara Fernandez Lopez

Sara Fernandez Lopez

Universidade de Santiago de Compostela - Faculty of Economic Science and Business Studies

Luis Otero González

Universidade de Santiago de Compostela - Faculty of Economic Science and Business Studies

Milagros Vivel Búa

Universidade de Santiago de Compostela - Faculty of Economic Science and Business Studies

David Rodeiro

Departament Acounting and Finance; Universidade de Santiago de Compostela - Departmamento de Economía Financiera y Contabilidad

Date Written: November 3, 2009

Abstract

We analyze the determinants of Europeans' retirement savings' for a sample of 4,526 individuals in 8 European countries. Our results show that the driving forces of the decision of saving for retirement are quite similar. This decision is positively related to the individuals' age, financial literacy, household income, employment status and saving habit. In addition, the results suggest that country-level institutional factors also play a crucial role on the individual’s retirement attitudes.

Keywords: retirement savings, financial literacy, Europe

JEL Classification: G23, G18

Suggested Citation

Fernandez Lopez, Sara and Otero González, Luis and Vivel Búa, Milagros and Rodeiro, David, Determinants of the Europeans’ Retirement Savings (November 3, 2009). Available at SSRN: https://ssrn.com/abstract=1523183 or http://dx.doi.org/10.2139/ssrn.1523183

Sara Fernandez Lopez

Universidade de Santiago de Compostela - Faculty of Economic Science and Business Studies ( email )

Avda. Juan XXIII s/n
Santiago, A Coruña 15704
Spain

Luis Otero González

Universidade de Santiago de Compostela - Faculty of Economic Science and Business Studies ( email )

Avda. Juan XXIII s/n
Santiago, A Coruña 15704
Spain

Milagros Vivel Búa (Contact Author)

Universidade de Santiago de Compostela - Faculty of Economic Science and Business Studies ( email )

Avda. Juan XXIII s/n
Santiago, A Coruña 15704
Spain
981 563100 Ext.11606 (Phone)

David Rodeiro

Departament Acounting and Finance ( email )

Avda. Xoan XXIII
15782 Santiago de Compostela
Spain

Universidade de Santiago de Compostela - Departmamento de Economía Financiera y Contabilidad ( email )

15782 Santiago de Compostela
Spain

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