The determinants of privately saving for retirement: the cases of Portugal and Spain

Lucía Rey-Ares, Sara Fernández-López, Milagros Vivel-Búa


Purpose: Population ageing is a challenge for many developed countries, but constitutes a matter of particular concern for Southern European countries, which are still suffering the consequences of the economic downturn started in 2007. Therefore, our main objective is the study of the potential driving factors of saving for retirement in Portugal and Spain, two countries where public pension systems play a crucial role.

Design/methodology/approach: The research comprises two main parts: firstly, the literature review of the recent advances in this area; and secondly, an empirical analysis of data from the Survey of Health, Ageing and Retirement in Europe.           

Findings: The results of the multivariate analysis highlight that retirement saving in Portugal and Spain is in general low -in fact, nearly 20% of the sample have a pension plan- and is positively related to education, job situation, area of residence, homeownership and saving habits; and negatively related to financial risk aversion and right-wing political orientation.

Research limitations/implications: A potential limitation of the study could be the use of cross-sectional data. However, the research has important implications in the future design of financial retirement planning, as the need of accounting for individuals’ heterogeneity.

Originality/value: The main contributions of this research are related to the characterization of Portuguese and Spanish savers for retirement -as opposed to previous studies, mainly focused on Anglo-Saxon countries-; as well as the inclusion of new potential driving factors of retirement saving, as political orientation or health status, hardly studied by previous financial literature.


Keywords: determinants, retirement, saving, pension plan, Portugal, Spain.




Título: "Os determinantes da poupança privada para a aposentadoria: os casos de Portugal e Espanha"


Objetivos: O envelhecimento da população é um desafio para muitos países desenvolvidos, mas constitui um motivo de especial preocupação para os países do sul da Europa, que ainda sofrem as conseqüências da crise econômica iniciada em 2007. Portanto, nosso principal objetivo é o estudo do potencial direcionamento fatores de poupança para a aposentadoria em Portugal e na Espanha, dois países onde os sistemas públicos de previdência desempenham um papel crucial.

Desenho/metodologia/abordagem: A pesquisa compreende duas seções principais: primeiro, a revisão de literatura dos recentes avanços nessa área; e segundo, uma análise empírica dos dados da Pesquisa de Saúde, Envelhecimento e Aposentadoria na Europa.

Resultados: Os resultados da análise multivariada destacam que a poupança para a aposentadoria em Portugal e na Espanha é geralmente baixa - de fato, quase 20% da amostra possui plano de aposentadoria - e está positivamente relacionado à educação, situação profissional, área residencial, casa própria e hábitos de poupança; e negativamente relacionados à aversão ao risco financeiro e orientação política de direita.

Limitações/implicações: Uma limitação potencial do estudo pode ser o uso de dados transversais. No entanto, a pesquisa tem implicações importantes no design futuro do planejamento de aposentadoria financeira, como a necessidade de considerar a heterogeneidade dos indivíduos.

Originalidade/valor: As principais contribuições desta pesquisa estão relacionadas à caracterização de poupadores portugueses e espanhóis para a aposentadoria - em oposição a estudos anteriores, focados principalmente nos países anglo-saxões -; bem como a inclusão de novos fatores potenciais de economia da aposentadoria, como orientação política ou estado de saúde, pouco estudados pela literatura financeira anterior.


Palavras-chave: Determinantes, aposentadoria, poupança, previdência, Portugal, Espanha.

Full Text:



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