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Individual Private Retirement Insurances: holding behaviours among pensioners

  • Clark, Gordon
  • Legendre, Bérangère
  • El Mekkaoui de Freitas, Najat

In the current context of demographic pressures, reforms of PAYG pension systems increase the extent to which individuals are responsible for their own retirement planning. The French pension system offered high replacement rates. The population used to consider that the State scheme had to provide them with an adequat level of pension. In 2003, the pension reform implemented individual and professional pension plans. These retirement savings contracts are not well developed. However, we observed that individuals prefer contracting life endowment contracts, which are long term savings supports, to prepare retirement. Using econometric specifications, we intend to put into perspective the households and individual characteristics which explain the holding behaviours of life endowment contracts and retirement savings plans. We conclude that the highest professional categories and the most educated individuals hold more frequently and simultaneously both types of contracts.

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Paper provided by Paris Dauphine University in its series Economics Papers from University Paris Dauphine with number 123456789/11269.

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Date of creation: Mar 2013
Date of revision:
Publication status: Published in Economics Bulletin, 2013, Vol. 33, no. 1. pp. 812-827.Length: 15 pages
Handle: RePEc:dau:papers:123456789/11269
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  1. David E. Bloom & David Canning & Bryan Graham, 2002. "Longevity and Life Cycle Savings," NBER Working Papers 8808, National Bureau of Economic Research, Inc.
  2. Bernard, Philippe & El Mekkaoui de Freitas, Najat & Lavigne, Anne & Mahieu, Ronan, 2003. "Ageing and the Demand for Life Insurance : An Empirical Investigation using French Panel Data," Economics Papers from University Paris Dauphine 123456789/6152, Paris Dauphine University.
  3. Browning, Martin & Francois Bourguignon & Pierre-Andre Chiappori & Valerie Lechene, 1994. "Income and Outcomes: A Structural Model of Intrahousehold Allocation," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1067-96, December.
  4. Annamaria Lusardi & Olivia S. Mitchell & Vilsa Curto, 2009. "Financial Literacy and Financial Sophistication Among Older Americans," NBER Working Papers 15469, National Bureau of Economic Research, Inc.
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