Pension Entitlements and Net Wealth in Austria (Markus Knell, Reinhard Koman)
Markus Knell () and
Reinhard Koman ()
Additional contact information
Markus Knell: Oesterreichische Nationalbank, Economic Studies Division
Reinhard Koman: Oesterreichische Nationalbank
Working Papers from Oesterreichische Nationalbank (Austrian Central Bank)
This study combines data from the HFCS (Household Finance and Consumption Survey) and the social security registry to estimate the present value of public pension entitlements for Austria in the year 2017. The household averages of the present value of pension entitlements and of private net wealth turn out to be similar (both amounting to around e250,000) which is in line with the results for other countries like Switzerland, Germany and the US. Since pension entitlements are more equally distributed than other assets most inequality measures for augmented wealth (the sum of pension entitlements and net wealth) are lower than for net wealth. The Gini coefficient for Austria, e.g., decreases from 0.73 (for net wealth) to 0.53 (for augmented wealth) which is again fairly similar to the results for other countries. Furthermore, it is shown that the main results are robust to many alternative specifications. In particular, estimates based on statistical matching and on direct survey information lead to surprisingly similar results. The same is true for specifications with homogeneous or heterogeneous life expectancy and with retirement at the statutory or the individually expected retirement age. Finally, the paper compares the results to the ones of the related literature, sums up the limitations of the approach and discusses why the results have to be interpreted cautiously due to the fact that pension entitlements and net wealth are not perfectly commensurable concepts.
Keywords: Net wealth; Net worth; Pension entitlements; Augmented wealth; Life cycle; HFCS (search for similar items in EconPapers)
JEL-codes: D31 H55 J32 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden (https://www.oenb.at/dam/jcr:15e07a65-424b-438a-a545-680e3a7e0bfc/WP_238.pdf [303 See Other]--> https://www.oenb.at/error_path/403.html?al_req_id=YyroIyRTYfKRo2IH0j1rdQAAACA)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:onb:oenbwp:238
Ordering information: This working paper can be ordered from
Oesterreichische Nationalbank, Economic Studies Division, POB 61, A-1011 Vienna, Austria
Access Statistics for this paper
More papers in Working Papers from Oesterreichische Nationalbank (Austrian Central Bank) P.O. Box 61, A-1011 Vienna, Austria. Contact information at EDIRC.
Bibliographic data for series maintained by Markus Knell ().