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We analyze the preferences of 1180 German consumers for investment guarantees in financial products by means of choice-based conjoint and latent class analysis. Based on the segment-level partworth utility profiles, we then identify the most important investment guarantee features, analyze consumer demand in a realistic market setting, and test whether individual purchasing behavior can be explained by socioeconomic characteristics. Our results show that two buyer and two nonbuyer segments exist. Although their willingness to buy varies significantly, we document only a small degree of heterogeneity with respect to the individual guarantee attributes and levels. Across the sample, the guarantee period is most important, followed by the volatility of the underlying fund, and the up-front premium. Finally, we illustrate that particularly those socioeconomic characteristics with an impact on individuals’ financial situation are promising predictors of their willingness to purchase investment guarantees.

Purpose This paper aims to examine the economic and social factors that influence individual savings in Brazil based on the life cycle hypothesis (LCH). Design/methodology/approach The authors use data sourced from 2017 to 2018 Household Budget Surveys to analyse the individual savings of Brazilian aged from 18 to 80. Findings Using a conventional logistic regression model, results of this study suggest that several demographic characteristics, such as education, economic and social factors, influence individual savings in Brazil. For instance, this paper finds a non-linear relationship between age and individual savings, following LCH concepts. Originality value These data provide us with a unique opportunity to investigate the determinants of individual savings in Brazil. In examining this question, this study contributes to the literature by providing new evidence to help the current political debate about the Brazilian social security system. Against this background, social policies should be designed to promote savings, especially in groups with a lower likelihood of savings. Objetivo Este artigo examina os fatores econômicos e sociais que influenciam a poupança individual no Brasil, baseado na Hipótese do Ciclo de Vida (LCH). Desenho/metodologia/abordagem foram utilizados dados provenientes das Pesquisas de Orçamentos Familiares de 2017–2018, para analisar a poupança individual de brasileiros de 18 a 80 anos. Resultados Com base em um modelo de regressão logística convencional, os resultados sugerem que várias características demográficas como educação, fatores econômicos e sociais influenciam a poupança individual no Brasil. Por exemplo, foi encontrado uma relação não linear entre idade e poupança individual, seguindo os conceitos da Hipótese do Ciclo de Vida (LCH). Originalidade Os dados utilizados proporcionam uma oportunidade única de investigar os determinantes da poupança individual no Brasil. Ao examinar essa questão, o presente estudo contribui para a literatura ao fornecer novas evidências para auxiliar o atual debate político sobre o sistema previdenciário brasileiro. Neste contexto, as políticas sociais devem ser desenhadas para promover a poupança, especialmente nos grupos com menor probabilidade de poupança. Objetivo Este artículo examina los factores económicos y sociales que influyen en el ahorro individual en Brasil, a partir de la Hipótesis del Ciclo de Vida (HCV). Diseño/metodología/enfoque se utilizaron datos de las Encuestas de Presupuestos Familiares 2017–2018 para analizar el ahorro individual de brasileños con edades entre 18 y 80 años. Resultados Con base en un modelo de regresión logística convencional, los resultados sugieren que varias características demográficas como la educación, los factores económicos y sociales influyen en el ahorro individual en Brasil. Por ejemplo, se encontró una relación no lineal entre la edad y el ahorro individual, siguiendo los conceptos de la Hipótesis del Ciclo de Vida (HCV). Originalidad Los datos utilizados brindan una oportunidad única para investigar los determinantes del ahorro individual en Brasil. Al examinar este tema, el presente estudio contribuye a la literatura proporcionando nueva evidencia para apoyar el debate político actual sobre el sistema de pensiones brasileño. En este contexto, las políticas sociales deben diseñarse para promover el ahorro, especialmente en los colectivos con menor probabilidad de ahorro.

Pensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old-fashioned hoarding in cash. We call a specific mixture of the four systems a pension composition. We assume that individual workers decide on their own individual savings, that the fully-funded occupational system is decided upon by the age cohort of the median worker, and that social security is decided upon by the median voter. We assume that individual and collective pension savings are the only sources of capital supply. When capital supply equals demand from industry, there is equilibrium in the capital market with a corresponding equilibrium interest rate and pension composition. In this paper, we assume a demography with one hundred age brackets and we investigate how changes in the birth rates, survival rates, and the retirement age affect the pension composition and the capital market equilibrium. Our conclusion is that for a given technology, the pension composition and the interest rate are determined by the demography and cannot be modified at will as a long-term political instrument.

We project the levels of eligibility and gross replacement rates of the pay-as-you-go and individual capitalization pillars in Uruguay. Based on a random sample of worker administrative records, we estimate years of contributions, formal income, and the evolution of the individual savings fund. Our results suggest that while 51% would be eligible for retirement at age 60, 28% would not be able to retire from the contributory system even at age seventy. We expect that 34% of those retiring at age 60 will receive a minimum pension while the replacement rate is estimated to be 52% relative to the previous year’s wage. We conclude that Uruguay still faces challenges regarding individuals’ density of contributions and amounts declared as both reduce eligibility levels and impose financial pressure on the pay-as-you-go pillar. Este artículo proyecta los niveles de elegibilidad y las tasas de reemplazo brutas de los pilares de reparto y capitalización individual en Uruguay. A partir de una muestra aleatoria de registros administrativos de trabajadores se proyectan los años de servicio, los ingresos formales y la evolución del fondo de capitalización individual. Se estima que 51% de los trabajadores generaría causal de reparto a los setenta años, mientras que 28% no lo lograría ni siquiera a los setenta años. Los resultados sugieren que 34% de los que se retiren a los setenta años percibirán la jubilación mínima en tanto que la tasa de reemplazo promedio en relación con el ingreso del último año sería de 52%. Se concluye que Uruguay aún enfrenta desafíos en materia de densidad de contribuciones y de montos declarados que impactan tanto en los niveles de elegibilidad como en la presión financiera que registra el pilar de reparto.

All countries in the former transition economies of Central, Eastern, and Southern Europe have undertaken public pension reforms of varying depth and orientation, often with the support of the World Bank. Although the reformed public pension schemes provide broad benefit adequacy, in most cases additional measures are needed to achieve fiscal sustainability in an aging society. 'Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe: Eight Country Studies' assesses the benefit adequacy of the reformed pension systems for eight countries—Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania, the Slovak Republic, and Slovenia—to identify policy gaps and options. The authors identify the motivations for reform against the backdrop of the trend toward multi-pillar arrangements, document key provisions, and compare them in the context of the World Bank's five-pillar paradigm for pension reform. They then evaluate the sustainability and adequacy of reformed pension systems and provide recommendations to address gaps and take advantage of opportunities for further reforms. The case studies and summary suggest the following broad policy conclusions: • Fiscal sustainability has improved in most study countries, but few are fully prepared for the inevitability of population aging. • The linkage between contributions and benefits has been strengthened, and pension system designs are better suited to market conditions • Levels of income replacement are generally adequate for all but some categories of workers (including those with intermittent formal sector employment or low lifetime wages), and addressing their needs requires initiatives that go beyond pension policy. • Further reforms should focus on extending labor force participation by the elderly to avoid benefit cuts that could undermine adequacy and very high contribution rates that could discourage formal sector employment. • More decisive financial market reforms are needed for funded provisions to deliver on the expectations of participants and keep funded pensions safe. This book will be of interest to policy makers, researchers, and everyone interested in the topic of pensions in the region, and beyond.

This paper uses data from the largest tax preparer in the United States to estimate the impact of the \"saver's credit,\" a US federal program providing financial incentives to encourage retirement savings, on the decision to contribute to an IRA. It finds significant, but very modest, effects. This is contrasted with results from a field experiment showing much larger impacts of clearly presented matching incentives. Various explanations are discussed for why the saver's credit is not more effective.

It is of significance to examine the factors impacting individual water-saving behavior and their mechanism of action for water demand management, especially for domestic water demand management. To provide a solution to the issues of individual water-saving behavior research with unclear influence mechanisms and subjective modeling decisions, this study provides a novel idea of combining social survey and model study for research on domestic water conservation, introduces complex adaptive system theory to describe the mechanism of action between individuals as well as between individuals and external stimuli, and proposes a general framework for the model establishment and analysis of individual water-saving response research under external stimuli. This study uses Beijing as an empirical city. Based on the analysis results of the survey on Beijing residents’ domestic water use combined with the problems in Beijing’s domestic water-saving efforts, this study constructs water-saving regulation scenarios and corresponding individual water-saving response rules; systematically simulates the change process of individual water use considering the aspects of water price formulation, water use information, and water-saving publicity and education; quantitatively analyzes the influence of these three types of external stimuli on individual water saving; proposes individual water-saving promotion measures; and suggests the three aspects of water price formulation, water use information feedback, water-saving publicity and education.

In 1998, Sweden introduced a second tier of mandatory individual accounts in the public pension system. This paper examines investment choice in the Swedish individual account scheme focusing on two aspects of the investment decision: Do workers with high risk in their human capital diversify their overall portfolio by investing their pension funds in lowrisk funds? And to what extent do participants exhibit \"home bias\" and invest in Swedish assets? Two pieces of evidence support rational investment decisions. First, we establish a positive relationship between income and the level of risk. Second, married participants appear to pool their risks. On the other hand, the results show that participants at the bottom of the income distribution take on as much risk as those at the top, indicating that they are not diversifying their overall portfolio. Finally, participants employed in sectors that are affected by foreign competition are less likely to diversify their portfolios and invest in foreign assets compared to the public sector. Instead, these workers exhibit \"home bias\" in their investments.

This study finds that pension reforms in recent years have improved the efficiency and sustainability of pension systems in the new member states of the European Union and Croatia. However, for many countries, these probably have not gone far enough to ensure long-term sustainability, given the aging of the population. Reforms have included changes to Pay-As-You-Go (PAYG) systems, including increases in retirement ages (not at least for women), new benefit formulas, and new indexation mechanism. Some countries (Latvia and Poland) have further strengthened the link of contributions and benefits to the sustainability of the PAYG system through the introduction of national defined contribution accounts. The link is strengthened also by moving to a point system, which has been adopted by many of the countries. Several countries have introduced a second, private, pension pillar, funded through diversion of part of the pension contributions, thereby diversifying risk. However, some countries (in particular the Czech Republic, Slovenia, and Romania) will need to do more to safeguard the long-term viability of their pension systems, while others face challenges to ensure equitable pension systems and adequate living standards for all elderly people.