El volumen de ahorro previsional en un sistema de reparto: una perspectiva sociodemográfica

Lucía Rey-Ares, Milagros Vivel-Búa, Rubén Lado-Sestayo, Sara Fernández-López

Abstract


Propósito: La sostenibilidad del sistema público de pensiones está siendo objeto de un importante debate en España, motivado por su actual situación socioeconómica. En este contexto, se hace un énfasis mayor en la necesidad de fomentar el ahorro privado complementario de cara a la jubilación, siendo el objetivo principal de esta investigación analizar las variables que determinan el volumen de ahorro privado y voluntario que los/as españoles/as canalizan a través de planes de pensiones de esta naturaleza.

Diseño/metodología/enfoque: Una muestra de 45.620 observaciones en el período 2008-2011 es analizada, estimándose modelos de Poisson y Binomial Negativa (tipos I y II).

Resultados: En general, los resultados muestran que nivel educativo, renta, mejor estado de salud, número de hijos/as, tenencia de vivienda en propiedad, estar laboralmente ocupado/a, tenencia de un contrato laboral indefinido, número de años cotizados, rentas de capital y edad se relacionan positivamente con el volumen de ahorro previsional voluntario; signo contrario al efecto del género femenino y el tamaño de la unidad familiar.

Originalidad/valor: Las principales contribuciones de esta investigación están referidas a la novedad en el ámbito de estudio geográfico, focalizado en un sistema de reparto implantado en Europa, a diferencia de trabajos previos más centrados en el ámbito anglosajón donde los planes de pensiones privados gozan de una mayor tradición; y al estudio del volumen de ahorro previsional voluntario, y no tanto la decisión de ahorro, per se, en estos productos financieros.

 

Palabras clave: determinantes, ahorro, volumen, jubilación, reparto, plan de pensiones.

 

 

[ENG]

Title: "The volume of pension savings in a distribution system: a sociodemographic perspective"

Abstract

Purpose: The sustainability of the public pension system is being the subject of an important debate in Spain, motivated by its current socioeconomic situation. In this context, a greater emphasis is placed on the need to promote complementary private savings for retirement, the main objective of this research being to analyze the variables that determine the volume of private and voluntary savings that Spaniards channel through pension plans of this nature.

Design/methodology/approach: A sample of 45,620 observations in the 2008-2011 period is analyzed, estimating Poisson and Binomial Negative models (types I and II).

Results: In general, the results show that educational level, income, better state of health, number of children, property ownership, being employed, employment of an indefinite employment contract, number of years of contributions, income capital and age are positively related to the volume of voluntary pension savings; opposite sign to the effect of the female gender and the size of the family unit.

Originality/value: The main contributions of this research are related to the novelty in the field of geographical study, focused on a distribution system implemented in Europe, unlike previous work more focused on the Anglo-Saxon area where private pension plans enjoy of a greater tradition; and to the study of the volume of voluntary pension savings, and not so much the saving decision, per se, in these financial products.


Keywords: determinants, savings, volume, retirement, distribution, pension plan.


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