INSTITUTIONAL PENSION EXCLUSION AS A NARROW APPROACH TO A TYPE OF FINANCIAL EXCLUSION IN POLAND

Keywords: financial exclusion, pension exclusion, voluntary pension plans.

Abstract

The issue of financial exclusion is an important area of research in modern finance science, mainly due to the serious effects that this phenomenon implies in both the macro (for the economy and the financial sector) and micro scale (for consumers of financial services). Observing changes in demography (increasing life expectancy, aging of societies) and a drop in forecasted replacement rates in basic pension systems, the category of pension exclusion, which involves limited access of individuals to pension products, is of particular importance. The purpose of this paper is to determine the nature and measure of pension exclusion and attempt to quantify this phenomenon in Poland in the years 2006-2017. The originality of the study is the author’s definition of institutional pension exclusion in both a broad and narrow perspective, as well as the attempt to measure institutional retirement exclusion in specific avenues, including: the analysis of changes in the number of voluntary pension scheme participants, penetration rates for individual pension programs and the percentage of economically active people not using pension products.

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Published
2020-06-10
How to Cite
Stańczak-Strumiłło, K. (2020). INSTITUTIONAL PENSION EXCLUSION AS A NARROW APPROACH TO A TYPE OF FINANCIAL EXCLUSION IN POLAND. Scientific Journal of Warsaw University of Life Sciences - SGGW - European Policies, Finance and Marketing, (23(72), 168-179. Retrieved from https://js.wne.sggw.pl/index.php/pefim/article/view/3481