Retirement saving and attitude towards financial intermediaries: Evidence for Germany

Arbeitspapier

People often disregard the need for individual savings for old-age although a decreasing rate of birth and an increasing life expectancy make it necessary to save additional money for retirement by using private or occupational pensions. Due to a lack of financial literacy and a variety of products it is important that people consult financial intermediaries like banks and insurance companies which support their savings plans. We apply the behavioral life-cycle hypothesis to explain whether people of different socioeconomic attributes contact diverse financial intermediaries and which motives promote this consultancy. To answer those and other questions on differences in consulting behavior of financial intermediaries Probit regressions are used. We find that income, low risk aversion and the presence of banks in the local surrounding have a large impact on oldage savings behavior. Our results differ across intermediary groups. They have important policy implications as better financial literacy and enhanced consulting activities may cause less old-age poverty and more trust in the financial system.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Thünen-Series of Applied Economic Theory - Working Paper ; No. 99

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Household Saving; Personal Finance ; Asymmetric and Private Information; Mechanism Design ; General Financial Markets: General (includes Measurement and Data) ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages
• Thema: life-cycle hypothesis ; pension savings ; financial intermediaries ; financial literacy ; Anlageverhalten ; Lebenszyklus ; Private Rentenversicherung ; Anlageberatung ; Finanzsektor ; Meinung

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Dummann, Kathrin
• Ereignis: Veröffentlichung
• (wer): Universität Rostock, Institut für Volkswirtschaftslehre
• (wo): Rostock
• (wann): 2008

Weitere Informationen

• Handle: http://hdl.handle.net/10419/39753
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ