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January 2018

Securing the Future for Old Age in the Asia and Pacific Region: Short-Term and Historical Challenges

By Christian Aspalter (BNU-HKBU United International College, Zhuhai, China) This paper sets out to summarize major conundrums, and some of their solutions, in pension reform policy of the years ahead, with particular reference to the Asia-Pacific Region, and here again, Japan and Thailand. The repercussions for non-action pertaining to the reform and overhaul of public pension systems go far beyond the realm of social policy and economic development. The twin-issue of old-age poverty and fiscal sustainability of public pension systems...

Addressing Financial Illiteracy Through Financial Innovation: The Case for Goal-Specific Bonds the Embed Inflation and Compounding

By Arun Muralidhar (AlphaEngine Global Investment Solutions; George Washington University) Financial illiteracy is widespread and leads to bad financial decisions (high debt, insufficient savings). Individuals cannot answer basic questions about inflation, compounding, and diversification. While financial literacy can be enhanced, are individuals teachable, and if so, what should they be taught and how lasting is the training? Prof. Merton suggests that some individuals can only be helped with innovation; Prof. Richard Thaler has argued for making the financial system more...

December 2017

The Household Savings Paradox

By Tobias Meyll (University of Giessen - Department of Financial Services), Thomas Pauls (Goethe University Frankfurt) & Andreas Walter (University of Giessen - Department of Financial Service) Using representative data from Germany, we reveal that more than 27.3% of the population not only restrains from participating in the stock market but also refuse to invest in contractual savings and retirement products. In fact, we find that these households rely on deposits only - an investment strategy usually related to negligible...

Investigating the Level of Financial Literacy of University Students

By Israel J. dos S. Felipe Sr. (Universidade Federal de Ouro Preto (UFOP)), Harrison Bachion Ceribeli Sr.( Universidade Federal de Ouro Preto (UFOP)) & Lana, T. Q. (Energisa) Considering that the quality of financial decisions taken by individuals depends on their financial knowledge, abilities and attitudes, it is possible to state that the well-being of a population depends on how financially literate it is. In this context, the aim of this study was to measure the financial literacy level of...

Comparison of Psychosocial Factors Affecting the Demands for Pension Plans Between American and Chinese Residents

By Ruiqi Tian (Southwest Jiao Tong University - Psychological Research and Counseling Center) & Ruilin Tian (North Dakota State University - Department of Accounting, Finance, and Information Systems) Pension becomes more and more important as people are living longer and pursuing higher living quality after retirement. This paper is to analyze the psychosocial factors that affect people’s pension demands in the US as well as in China. As two representative countries that have different pension systems, cultures, value systems, family...

Ndc Schemes and Heterogeneity in Longevity: Proposals for Redesign

By Robert Holzmann (University of Malaya; IZA Institute of Labor Economics; CESifo (Center for Economic Studies and Ifo Institute); World Bank), Jennifer Alonso-García (University of New South Wales (UNSW) - ARC Centre of Excellence in Population Ageing Research (CEPAR)), Heloise Labit-Hardy (University of New South Wales (UNSW) - ARC Centre of Excellence in Population Ageing Research (CEPAR)) & Andres Villegas (University of New South Wales (UNSW)) Strong and rising empirical evidence across countries finds that longevity is highly heterogeneous in...

The Facts of Women’s Labor Behavior in the Field of Education

By Spankulova Seitkazievna (Narxoz University) In the article the labor behavior of women in education in post-Soviet countries is analyzed. model of employment of women (men as well), which was formed in Soviet years, has not undergone significant changes during the years of economic reforms. Expanding the accessibility of formal social security programs to the elderly has changed the behavior of this population in the labor market. Women do not receive social old-age pensions in the same amount as men,...

The Facts of Women's Labor Behavior in the Field of Education

By Spankulova Seitkazievna (Narxoz University) In the article the labor behavior of women in education in post-Soviet countries is analyzed. model of employment of women (men as well), which was formed in Soviet years, has not undergone significant changes during the years of economic reforms. Expanding the accessibility of formal social security programs to the elderly has changed the behavior of this population in the labor market. Women do not receive social old-age pensions in the same amount as men,...

Income Adequacy Among Canadian Seniors: Helping Singles Most

By Philip Bazel (University of Calgary - The School of Public Policy) & Jack Mintz (University of Calgary - The School of Public Policy; CESifo (Center for Economic Studies and Ifo Institute)) Canadians have heard a great deal of discussion in the national media about expanding the Canada Pension Plan (CPP), driven by concerns that many will retire without having made proper arrangements to adequately replace their incomes with pensions and savings. But the proposed remedies have been targeted at...

Generational Transfers within the Occupational Pension System in Switzerland

By Severine Arnold (-Gaille) (University of Lausanne - Faculty of Business and Economics) & Anca Jijiie (Faculty of Business and Economics) Solidarity, a key element of any social security system, can be defined as the total intended redistributions that take place between the existent groups within the system, with the purpose of helping each other. However, unintended redistributions also exist, affecting the fairness of the system and leading to animosities between these groups, in particular between active members and pensioners....