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Pensions and household savings: cross-country heterogeneity in Europe

Muriel Roger (), Frédérique Savignac and d’Addio, Anna

No 2372, Working Paper Series from European Central Bank

Abstract: We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across individuals and across countries, using a European harmonised wealth survey (HFCS) combined with estimates of pension wealth (OECD). First, we find significant displacement effects of mandatory pension wealth on non-pension financial wealth at the mean, and a statistically significant crowd-out estimate on the probability of owning real estate property. Second, there is heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns along the non-pension wealth distribution across countries. JEL Classification: D31, D91, H55

Keywords: life cycle; pensions; social security; wealth (search for similar items in EconPapers)
Date: 2020-02
New Economics Papers: this item is included in nep-age, nep-eur and nep-pbe
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Working Paper: Pensions and Household Savings: Cross-Country Heterogeneity in Europe (2019) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20202372

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