Enhancing Voluntary Saving for Retirement: A Literature Review

Bojana Olgić Draženović ()
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Bojana Olgić Draženović: University of Rijeka

A chapter in Eurasian Business and Economics Perspectives, 2025, pp 215-227 from Springer

Abstract: Abstract Voluntary saving for retirement is crucial for individuals and economies as it has a positive impact on the adequacy and sustainability of pension systems. Investing in voluntary pension funds offers benefits such as the potential for higher returns through active allocation, securing future financial needs, promoting retirement saving and improving national savings while generating additional income for beneficiaries. The aim of the article is to present the most relevant studies on the promotion of voluntary pension saving and to propose different approaches to improve voluntary pension saving. The article examines the methods to encourage pension saving, focusing on non-tax and behavioral incentives. The key to promoting voluntary pension saving lies in improving financial literacy and applying behavioral economic principles. In particular, the results of the literature review show that a method of introducing automatic enrolment procedures for employees in voluntary pension schemes can gradually increase participation rates. Finally, governments can also play a role by offering tax benefits and other financial incentives to encourage pension saving. This paper provides the basis for further empirical research on how to attract more members and significantly increase participation rates in voluntary pension funds.

Keywords: Voluntary pension schemes; Savings; Tax incentives; Non tax incentives; Behavioral interventions (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eurchp:978-3-031-98398-6_11

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DOI: 10.1007/978-3-031-98398-6_11

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