Saving for Old Age

Demirguc-Kunt, Asli ; Klapper, Leora ; Panos, Georgios A.

World Bank, Washington, DC

关键词: UNEXPECTED EXPENSES;    HOME OWNERSHIP;    FINANCIAL SERVICES;    DEPOSIT;    FINANCIAL DECISIONS;   

DOI  :  10.1596/1813-9450-7693
RP-ID  :  WPS7693

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Countries around the world face aretirement crisis brought on by aging populations, decliningbirthrates, and fiscal shortfalls. As a result, policymakers increasingly seek to understand retirement savingspatterns, a crucial component of the safety net for theelderly. Drawing on the 2014 Global Findex database, whichprovides individual-level data on the use of financialproducts in more than 140 countries, this paper examines howadults save for old age. It finds that about 25 percent ofadults worldwide save for old age, with rates exceeding 35percent in high-income Organisation for EconomicCo-operation and Development economies and the East Asia andPacific region. On average, men are slightly more likelythan women to save for this purpose, but the gender gap isdeeper in developing countries. Worldwide, saving for oldage is more common among older adults, more educated adults,and adults who own accounts. Adults in countries withEnglish legal origin, and with high savings rates, are alsomore likely to save for old age. The paper also finds thatmeasures to increase trust in the financial system, such asthe safety net/moral hazard index based on depositinsurance, lead to higher rates of saving for old age.Finally, the paper finds little evidence of substitutionbetween pension system provisions and contribution rateswith saving for old age.