Pensions and Household Savings: Cross-Country Heterogeneity in Europe

60 Pages Posted: 4 Feb 2020

See all articles by Anna d’Addio

Anna d’Addio

United Nations - Educational, Scientific and Cultural Organization (UNESCO)

Muriel Roger

Université Paris I Panthéon-Sorbonne - CES/CNRS

Frederique Savignac

Banque de France

Date Written: February, 2020

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: life cycle, pensions, social security, wealth

JEL Classification: D31, D91, H55

Suggested Citation

d’Addio, Anna and Roger, Muriel and Savignac, Frederique, Pensions and Household Savings: Cross-Country Heterogeneity in Europe (February, 2020). Available at SSRN: https://ssrn.com/abstract=3531717 or http://dx.doi.org/10.2139/ssrn.3531717

Anna D’Addio

United Nations - Educational, Scientific and Cultural Organization (UNESCO) ( email )

7, Place de Fontenoy
Paris 07 SP, 75352
France

Muriel Roger (Contact Author)

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

106 bv de l'Hôpital
Paris, 75013
France

Frederique Savignac

Banque de France ( email )

Paris
France

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
42
Abstract Views
288
PlumX Metrics