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ABSTRACT
This paper investigates whether European women have the same probability of saving for retirement as European men and if driving factors for this saving behavior differ by gender. The evidence is based on a sample of 6,036 individuals from eight European countries (France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, and the United Kingdom). The results show that European women are less likely to save for retirement than men, although the determinants of this decision are similar for both genders. Moreover, the results suggest that country-level institutional factors play a more important role on the individual's retirement attitudes than gender differences.
NOTES ON CONTRIBUTORS
Sara Fernández-López joined University of Santiago de Compostela (Spain) as Associate Professor in 2006 after eleven years of working as a lecturer and researcher. She earned her PhD from the University of Santiago in 2001. Her research interests are in two main areas: international finance and academic entrepreneurship. She has approximately thirty internationally referred papers. Recently, she has published in the journals Frontiers in Finance and Economics, European Journal of Finance, Czech Journal of Economics and Finance, Spanish Journal of Finance and Accounting, and Academia RevistaLatinoamericana de Administracion, most of them included in JCR (Journal Citation Reports).
Milagros Vivel-Búa joined University of Santiago de Compostela (Spain) as Assistant Professor in 2010 after five years of working as lecturer and researcher. She earned her PhD from the University of Santiago in 2010. Her research interests are in two main areas: international finance and academic entrepreneurship. She has approximately fifteen internationally referred papers. Recently, she has published in the journals European Journal of Finance, Czech Journal of Economics and Finance, and the Spanish Journal of Finance and Accounting, all of which are included in JCR (Journal Citation Reports).
Luis Otero-González joined University of Santiago de Compostela (Spain) as Associate Professor in 2003 after ten years of working as a lecturer and researcher. He earned his PhD from the University of Santiago in 2001. His research interests are in two main areas: international finance and insurance. He has around thirty internationally referred papers. Recently, he has published in the journals Frontiers in Finance and Economics, European Journal of Finance, Czech Journal of Economics and Finance, Spanish Journal of Finance and Accounting, and Academia RevistaLatinoamericana de Administración, most of them included in JCR (Journal Citation Reports).
Pablo Durán-Santomil joined University of Santiago de Compostela (Spain) as Assistant Professor in 2010 after five years of working as a lecturer and researcher. He earned his PhD from the University of Santiago in 2010. His research interests are in two main areas: international finance and insurance. He has approximately fifteen internationally referred papers. Recently, he has published in the journals European Journal of Finance and Spanish Journal of Finance and Accounting, both included in JCR (Journal Citation Reports).
ACKNOWLEDGEMENTS
We are grateful to the European Commission DG Internal Market and Services for permission to use the data gathered for the study, “The EU Market for Consumer Long-Term Retail Savings Vehicles, Comparative Analysis of Products, Market Structure, Costs, Distribution Systems and Consumer Saving Patterns” (ECB Citation2007).
Notes
1 Also, see Luís Diaz-Serrano and Donal O'Neill (Citation2004); Thomas Dohmen, Armin Falk, David Huffman, Jürgen Schupp, Uwe Sunde, and Gert Wagner (Citation2005).
2 Also, see Annamaria Lusardi and Olivia S. Mitchell (Citation2007, Citation2011a).
3 On average, older women have a poverty rate of around 15 percent, compared with around 10 percent for older men (OECD Citation2009).
4 Also, see Tabea Bucher-Koenen and Annamaria Lusardi (Citation2011) for Germany; Johan Almenberg and Jenny Säve-Söderbergh (Citation2011) for Sweden; Australia and New Zealand Banking Group and A.C. Nielsen Company (Citation2005) for Australia and New Zealand.
5 Taking the dropped observations into account, we reran some of the following probit models and found that the central results held.
6 Following Jo Thori Lind and Halvor Mehlum (Citation2007), we performed the Sasabuchi t-test to detect the significance of the nonlinear relationships.