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The financial well-being of elderly people in Europe and the redistributive effects of minimum pension schemes

Francesco Figari (), Manos Matsaganis and Holly Sutherland

Rivista italiana degli economisti, 2013, issue 2, 149-174

Abstract: This study analyses the financial well-being of elderly people across Europe. Using the Europeanmicrosimulation model EUROMOD, which facilitates the identification of minimum pension schemesin a comparable way across countries, we gather together new empirical findings on the redistributive effectsof the minimum pension schemes in a range of European countries. In particular, we quantify theextent to which these schemes contribute to alleviate elderly poverty across Europe. Nevertheless, the financialwell-being of older people depends crucially on the pension system as a whole. Countries with generousminimum pension schemes seem to allocate relatively fewer resources to other pillars of the pensionsystem. On the one hand, they are more effective in reducing elderly poverty rates. On the other hand,they fail to ensure a level of financial well-being of older people in line with the overall population.

Keywords: minimum pensions; European Union; microsimulation; poverty; elderly. (search for similar items in EconPapers)
Date: 2013
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Handle: RePEc:mul:jqat1f:doi:10.1427/73846:y:2013:i:2:p:149-174