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La Grande Illusion

In: Finance, Society and Sustainability

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  • Nick Silver

    (University London)

Abstract

An individual saves into a pension to smooth lifetime consumption so that she can have an income after she stops working, paid for by accepting lower consumption when working. From a government’s point of view, the purpose of encouraging saving into a private pension is to reduce the future fiscal burden of an ageing population – when there will be less workers to support more pensioners. Chapter 4 showed that the current system is failing as saving for a decent pension has become unaffordable because of low interest rates, the fiscal burden is not reduced because only the rich, who will look after themselves anyway, save for a pension and the savings industry takes a large chunk, perhaps the majority, of savings as fees.

Suggested Citation

  • Nick Silver, 2017. "La Grande Illusion," Palgrave Macmillan Books, in: Finance, Society and Sustainability, chapter 5, pages 101-131, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-56061-2_5
    DOI: 10.1057/978-1-137-56061-2_5
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