Researchers at University of Santiago Report New Data on Social Science (The Influence of Social Models on Retirement Savings: Evidence for European…

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Researchers at University of Santiago Report New Data on Social Science (The Influence of Social Models on Retirement Savings: Evidence for European Countries)

By a News Reporter-Staff News Editor at Obesity, Fitness & Wellness Week -- Current study results on Science - Social Science have been published. According to news reporting originating from Santiago de Compostela, Spain, by NewsRx correspondents, research stated, "Population ageing, together with the negative effects of the recent economic and financial crisis that some European countries are still facing, have threatened the sustainability of public pension systems. In this context, voluntary private pensions have emerged as the most feasible alternative to supplement the minimum provided by Social Security Systems; however, this financial product does not enjoy its expected popularity."

Financial support for this research came from Ministerio de Educacion, Cultura y Deporte (see also Science - Social Science).

Our news editors obtained a quote from the research from the University of Santiago, "A potential explanation of this reality might be due to the fact that European countries are far from being homogeneous, nor their pensions systems. Therefore, any policy geared toward improving financial retirement planning should take into account these potential differences. As a first approach to their analysis, this paper proposes the existence of four different 'social models' in Europe -namely, Continental, Mediterranean, Nordic and Transitional-. Overall, empirical evidence confirmed the significant influence of country' 'social model' on the decision to invest in retirement accounts on a sample of 31,468 individuals in 2013. It was also proved that this decision is positively related to age, household income and wealth, higher levels of formal education, job situation, good health status, and long-term planning horizons; and negatively related to age squared, household size or financial risk aversion."

According to the news editors, the research concluded: "In short, future policies and reforms regarding private pensions should not only take into account the existence of individual differences among Europeans, but also the existence of differences depending on institutional and cultural country factors."

For more information on this research see: The Influence of Social Models on Retirement Savings: Evidence for European Countries. Social Indicators Research, 2018;136(1):247-268. Social Indicators Research can be contacted at: Springer, Van Godewijckstraat 30, 3311 Gz Dordrecht, Netherlands. (Springer - www.springer.com; Social Indicators Research - www.springerlink.com/content/0303-8300/)

The news editors report that additional information may be obtained by contacting L. Rey-Ares, University of Santiago, Dept. of Finance & Accounting, Fac Econ & Business Adm, Santiago De Compostela 15782, A Coruna, Spain. Additional authors for this research include S. Fernandez-Lopez and M. Vivel-Bua.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1007/s11205-016-1533-9. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

Keywords for this news article include: Santiago de Compostela, Spain, Europe, Social Science, Science, Finance and Investment, Investment and Finance, University of Santiago.