An Empirical Study on the Financial Preparation for Retirement of the Independent Workers for Profit in Poland

Teresa H. Bednarczyk, Ilona Skibińska-Fabrowska and Anna Szymańska
Additional contact information
Teresa H. Bednarczyk: Department of Insurance and Investments, The Faculty of Economics, Maria Curie-Sklodowska University in Lublin, 20-031 Lublin, Poland
Ilona Skibińska-Fabrowska: Department of Insurance and Investments, The Faculty of Economics, Maria Curie-Sklodowska University in Lublin, 20-031 Lublin, Poland
Anna Szymańska: Department of Insurance, The Faculty of Economics and Sociology, University of Lodz, 90-214 Lodz, Poland

Risks, 2021, vol. 9, issue 9, 1-21

Abstract: Modern pension schemes are based on the delegation of responsibility for pension provision from state institutions to individuals, which implies voluntary retirement saving. Workers for profit (independent workers in household market enterprises) hold much greater personal responsibility for financing their pensions than workers for pay. The main aim of this study was to provide an empirical identification of economic and social factors that would determine the propensity toward long-term saving for pensions by independent, for-profit workers in Poland. Additionally, the study recognizes the level of saving accumulated by them as well as preferred forms in which this saving is made.In order to select determinants of pension saving, a logistic regression model was used. The data come from the direct survey conducted in 2020 by CAWI method (Computer-Assisted Web Interview) on a random nationwide sample of Poles. The analysis of the data also used other methods of descriptive and mathematical statistics. The conducted research showed that the respondents’ individual decisions concerning saving for retirement are affected by such factors as gender, age, family situation, amount of revenue, share of revenue from business activity in total revenue, and subjective assessment of the respondents’ financial situation. The respondents declared holding various, though not high, savings. Moreover, it turned out that independent workers for profit in Poland opt for non-conventional forms of gathering pension savings.

Keywords: self-employment; workers for profit; retirement savings; logistic regression model; Poland (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.mdpi.com/2227-9091/9/9/160/pdf (application/pdf)
https://www.mdpi.com/2227-9091/9/9/160/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:9:y:2021:i:9:p:160-:d:627141

Access Statistics for this article

Risks is currently edited by Mr. Claude Zhang

More articles in Risks from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().