Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/228986
Authors: 
D'Addio, Anna Cristina
Roger, Muriel
Savignac, Frédérique
Year of Publication: 
2020
Series/Report no.: 
ECB Working Paper No. 2372
Abstract: 
We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across individuals and across countries, using a European harmonised wealth survey (HFCS) combined with estimates of pension wealth (OECD). First, we find significant displacement effects of mandatory pension wealth on non-pension financial wealth at the mean, and a statistically significant crowd-out estimate on the probability of owning real estate property. Second, there is heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns along the non-pension wealth distribution across countries.
Subjects: 
Wealth
Social Security
Pensions
Life Cycle
JEL: 
D31
D91
H55
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-4015-3
Document Type: 
Working Paper

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