Publication:
Saving for Old Age

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dc.contributor.authorPanos, Georgios A.
dc.contributor.authorDemirguc-Kunt, Asli
dc.contributor.authorKlapper, Leora
dc.date.accessioned2016-06-14T21:20:21Z
dc.date.available2016-06-14T21:20:21Z
dc.date.issued2016-06
dc.description.abstractCountries around the world face a retirement crisis brought on by aging populations, declining birthrates, and fiscal shortfalls. As a result, policy makers increasingly seek to understand retirement savings patterns, a crucial component of the safety net for the elderly. Drawing on the 2014 Global Findex database, which provides individual-level data on the use of financial products in more than 140 countries, this paper examines how adults save for old age. It finds that about 25 percent of adults worldwide save for old age, with rates exceeding 35 percent in high-income Organisation for Economic Co-operation and Development economies and the East Asia and Pacific region. On average, men are slightly more likely than women to save for this purpose, but the gender gap is deeper in developing countries. Worldwide, saving for old age is more common among older adults, more educated adults, and adults who own accounts. Adults in countries with English legal origin, and with high savings rates, are also more likely to save for old age. The paper also finds that measures to increase trust in the financial system, such as the safety net/moral hazard index based on deposit insurance, lead to higher rates of saving for old age. Finally, the paper finds little evidence of substitution between pension system provisions and contribution rates with saving for old age.en
dc.identifierhttp://documents.worldbank.org/curated/en/2016/06/26428607/saving-old-age
dc.identifier.doi10.1596/1813-9450-7693
dc.identifier.urihttps://hdl.handle.net/10986/24532
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7693
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectUNEXPECTED EXPENSES
dc.subjectHOME OWNERSHIP
dc.subjectFINANCIAL SERVICES
dc.subjectDEPOSIT
dc.subjectFINANCIAL DECISIONS
dc.subjectACCOUNTING
dc.subjectBEHAVIORAL ECONOMICS
dc.subjectPUBLIC ECONOMICS
dc.subjectRETIREMENT
dc.subjectSOCIOECONOMIC STATUS
dc.subjectILLITERACY
dc.subjectINCOME
dc.subjectINTEREST
dc.subjectVOLUNTARY SAVING
dc.subjectFINANCIAL LITERACY
dc.subjectCONTRIBUTION
dc.subjectPENSION SYSTEMS
dc.subjectWORTH
dc.subjectSAVINGS BEHAVIOR
dc.subjectINTEREST RATE
dc.subjectAUTOMATIC ENROLLMENT
dc.subjectSPENDING
dc.subjectINCOME GROUP
dc.subjectRESPONSIBILITY
dc.subjectINFORMATION
dc.subjectLABOR FORCE
dc.subjectBEQUEST
dc.subjectFINANCIAL ILLITERACY
dc.subjectRECESSION
dc.subjectMORTGAGE
dc.subjectWELFARE
dc.subjectLOWER-INCOME WORKERS
dc.subjectLOAN
dc.subjectOWNERSHIP
dc.subjectPENSION SYSTEM
dc.subjectCONTRIBUTION RATES
dc.subjectSAVING
dc.subjectRETIREMENT DECISION
dc.subjectINSURANCE SCHEME
dc.subjectPENSION
dc.subjectLIFE EXPECTANCY
dc.subjectRETIREMENT AGES
dc.subjectSAFETY NETS
dc.subjectLITERACY
dc.subjectKNOWLEDGE
dc.subjectLABOR MARKET
dc.subjectRETIRED
dc.subjectSAVINGS
dc.subjectRETIREMENT EXPECTATIONS
dc.subjectFINANCIAL INSTITUTION
dc.subjectWAGE
dc.subjectMONEY
dc.subjectPROBABILITY
dc.subjectSOPHISTICATED INVESTORS
dc.subjectFINANCES
dc.subjectPRECAUTIONARY SAVINGS
dc.subjectRETIREMENT AGE
dc.subjectINTEREST RATES
dc.subjectUNEMPLOYED
dc.subjectOLDER WORKERS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectDEBT
dc.subjectRETIREMENT PLANNING
dc.subjectHOUSEHOLD INCOME
dc.subjectSAVINGS PATTERNS
dc.subjectFINANCIAL PRODUCTS
dc.subjectBUSINESS CYCLE
dc.subjectSOCIAL SECURITY
dc.subjectSOCIAL PROTECTION
dc.subjectVALUABLE
dc.subjectDEFINED CONTRIBUTION PENSIONS
dc.subjectFINANCIAL SYSTEM
dc.subjectSUBSIDIES
dc.subjectINCOME DISPARITIES
dc.subjectDEFINED BENEFIT PENSIONS
dc.subjectFINANCE
dc.subjectOTHER ASSETS
dc.subjectSAVINGS ACCOUNT
dc.subjectBANKS
dc.subjectINVESTMENT DECISIONS
dc.subjectSAVINGS RATES
dc.subjectINVESTORS
dc.subjectFEDERAL RESERVE
dc.subjectUNDERSTANDING PENSIONS
dc.subjectCONSUMER
dc.subjectVOLUNTARY SAVINGS
dc.subjectCONSUMER CHARACTERISTICS
dc.subjectEXPENSES
dc.subjectINSURANCE SCHEMES
dc.subjectSAVINGS PROGRAMS
dc.subjectLIMITED GOAL
dc.subjectFINANCIAL CRISIS
dc.subjectPENSIONS
dc.subjectCONTRIBUTION RATE
dc.subjectBANK
dc.subjectCONTRIBUTIONS
dc.subjectPERSONAL SAVING
dc.subjectSAFETY NET
dc.subjectFINANCIAL SECURITY
dc.subjectDISABILITY INSURANCE
dc.subjectPROPERTY
dc.subjectTAX RATES
dc.subjectRETIREMENT SAVING
dc.subjectPRIVATE PENSIONS
dc.subjectRETIREMENT PLAN
dc.subjectRETIREMENT FUNDS
dc.subjectRETIREMENT SECURITY
dc.subjectBUSINESS SCHOOL
dc.subjectINSURANCE
dc.subjectCONTRIBUTION PENSIONS
dc.subjectRETIREMENT SAVINGS
dc.subjectRETIREMENT ASSETS
dc.subjectSECURITY
dc.subjectEDUCATION
dc.subjectPENSION SCHEME
dc.subjectINVOLUNTARY RETIREMENT
dc.subjectINVESTMENT
dc.subjectFINANCIAL MARKETS
dc.subjectPENSION BENEFIT
dc.subjectDISABILITY
dc.subjectRETIREMENT PROGRAMS
dc.subjectNO RETIREMENT SAVINGS
dc.subjectPENSION SCHEMES
dc.subjectRISK MANAGEMENT
dc.subjectOLDER INDIVIDUALS
dc.subjectPENSION COVERAGE
dc.subjectPRIMARY EDUCATION
dc.subjectPENSION SPENDING
dc.subjectPENSION PROVISION
dc.subjectSECONDARY EDUCATION
dc.subjectSAVERS
dc.subjectSOCIAL SECURITY CONTRIBUTION
dc.subjectRESEARCH ASSISTANCE
dc.subjectFINANCIAL INCENTIVES
dc.titleSaving for Old Ageen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleSaving for Old Age
okr.date.disclosure2016-06-02
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2016/06/26428607/saving-old-age
okr.guid896441468196731606
okr.identifier.doi10.1596/1813-9450-7693
okr.identifier.doihttps://doi.org/10.1596/1813-9450-7693
okr.identifier.externaldocumentum090224b08438c3ea_1_0
okr.identifier.internaldocumentum26428607
okr.identifier.reportWPS7693
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2016/06/02/090224b08438c3ea/1_0/Rendered/PDF/Saving0for0old0age.pdfen
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.topicFinance and Financial Sector Development::Deposit Insurance
okr.topicSocial Protections and Labor::Pensions & Retirement Systems
okr.unitFinance and Private Sector Development Team, Development Research Group
relation.isAuthorOfPublication234a20c0-893c-561a-8c90-6f5be5be5b9b
relation.isAuthorOfPublicatione0a9502f-8574-53b5-bf27-732f5a6026e2
relation.isAuthorOfPublication.latestForDiscoverye0a9502f-8574-53b5-bf27-732f5a6026e2
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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