Voluntary Retirement Savings: The Case of Australia

Jun Feng ()
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Jun Feng: Monash University

Journal of Family and Economic Issues, 2018, vol. 39, issue 1, No 2, 2-18

Abstract: Abstract The shift to defined contribution plans has increased concerns about retirement adequacy for the working population. Different from prior research in countries where retirement savings are voluntary, this study explored the drivers of additional savings within the Australian superannuation system where mandatory savings are in place. Results suggested that age, economic and financial status, and job characteristics are important indicators for voluntary superannuation savings. Affordability, false beliefs, and lack of awareness about retirement savings inhibit participation. Past saving habits and retirement planning positively affect voluntary retirement savings. Joint modelling of pre- and post-tax savings decisions suggested a substitution effect between the two, adding new evidence to the literature.

Keywords: Retirement saving behavior; Voluntary retirement savings; Saving plan participation; Mandatory retirement saving system; Personal finance; Consumer economics (search for similar items in EconPapers)
JEL-codes: D03 D14 J32 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (7)

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DOI: 10.1007/s10834-017-9536-5

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