Pensions and Household Savings: Cross-Country Heterogeneity in Europe

56 Pages Posted: 9 Nov 2019

See all articles by Anna Christina d'Addio

Anna Christina d'Addio

Organization for Economic Co-Operation and Development (OECD)

Muriel Roger

Université Paris I Panthéon-Sorbonne - CES/CNRS

Frederique Savignac

University Paris-Est Créteil (UPEC)

Date Written: November 2019

Abstract

We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across individuals and across countries, using a European harmonised wealth survey (HFCS) combined with estimates of pension wealth (OECD). First, we find significant displacement effects of mandatory pension wealth on non-pension financial wealth at the mean, and a statistically significant crowd-out estimate on the probability of owning real estate property. Second, there is heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns along the non-pension wealth distribution across countries.

Keywords: Wealth, Pensions, Life Cycle

JEL Classification: D31, D91, H55

Suggested Citation

d'Addio, Anna Christina and Roger, Muriel and Savignac, Frederique, Pensions and Household Savings: Cross-Country Heterogeneity in Europe (November 2019). Banque de France Working Paper, November 2019, WP #738 , Available at SSRN: https://ssrn.com/abstract=3483501 or http://dx.doi.org/10.2139/ssrn.3483501

Anna Christina D'Addio

Organization for Economic Co-Operation and Development (OECD) ( email )

2 rue Andre Pascal
Paris Cedex 16, 75775
France

Muriel Roger

Université Paris I Panthéon-Sorbonne - CES/CNRS ( email )

106 bv de l'Hôpital
Paris, 75013
France

Frederique Savignac (Contact Author)

University Paris-Est Créteil (UPEC) ( email )

61 avenue du General de Gaulle
Creteil cedex, 94010
France

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