Old-Age Savings Behaviour - Is Gender an Important Factor?

Purpose: The purpose of this paper is to determine whether men and women exhibit different patterns of saving for old age outside the pension system and whether women’s education and income determine their old-age savings behaviour. Design/Methodology/Approach: The analyses presented in this paper derive from a representative study that covered 1,000 individuals and was conducted in Poland. The chi-square test of independence (χ2 test) was used for each pair of chracteristics. Findings: The research confirmed that men and women exhibit different patterns of saving for old age. This discrepancy was confirmed in a study which concerned old-age savings and was conducted among men and women (general study) without considering the respondents’ age. The general study did not prove the relationship between gender and the savings amount. In the case of the groups in which the respondents’ age was taken into account, the relationship between gender and the possession of savings was confirmed in the group of respondents over 49 years of age. Women over 49 years of age save less frequently than their male peers. With regard to the relationship between gender and the savings amount in particular age groups covered in the study, our research showed that such a relationship exists in the group of respondents below 40 years of age. The analyses conducted in the women-only group demonstrate the existence of a relationship between education and the possession of old-age savings. We also confirmed that the possession of old-age savings among women depends on their personal income. Practical Implications: In order to incentivise women to save for old age, the state should encourage them to display appropriate savings behaviour and strengthen the factors influencing this behaviour. It is also necessary that educational programmes and initiatives oriented at strengthening women’s financial security should be provided. Originality/Value: The studies discussed in this paper emphasise different approaches to saving for old age among men and women. This issue is becoming increasingly important from the social aspect as the non-saving women receive ever lower pensions, which can result in lack of women’s financial security in inadequate pension systems.