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The premature death of a breadwinner, serious injuries or an insufficient level of income during retirement can decrease the living standard of households substantially. Life insurance represents a tool for managing such kinds of uncertainties, however, individuals do not adequately consider this need for security. Papers focusing on factors determining life-related insurance consumption identified many variations in the effect of these factors. The reasons are not clear, but one of the explanations is the aggregated nature of life insurance without focus on the type of covered risks. Based on survey data, we confirm the differences in the determinants of various risks covered by life insurance. In the general life insurance model, we confirmed the following as significant determinants: gender, head of household status, combination of marital status and dependent children, saving behaviour and employment status. In the private pension insurance coverage, significant determinants are age, education, saving behaviour and employment status. The willingness to buy accident cover with life insurance is determined by the saving behaviour and employment status. Marginal effect has the status of head of household.
Proactive Approach to Private Pension Savings: Key Determinants Component encouraging private savings was introduced or is under consideration in pension schemes of many countries. This diversification of old-age income sources shifts the responsibility for the level of retirement income to the individuals themselves and, at the same time, opens the question about their preparedness for such financial decisions. Inadequate savings could have enormous impact on their future life and determine their standard of living in the period of retirement. The aim of the paper is to identify key demographic and socio-economic factors determining individuals' proactive approach to the private pension savings. We also would like to point out group of individuals with a low level of the private savings involvement. These individuals are potentially poverty vulnerable in their old-age. Using representative sample of 2 826 citizens of the Slovak Republic from the Household Finance and Consumption Survey carried out by the National Bank of Slovakia, we have identified as key factors age, education, income, ownership of second real estate and other financial assets and sharing household with pensioners. Our research contributes to the extension of existing knowledge that can be used by countries with multi-pillar pension systems, absence of occupational employment funds and low availability of products for voluntary pension savings.Keywords: private saving for retirement, a multi-pillar pension schemes, support for private savings for old age period, public and private pension systems JEL Classification: J11, H55, H75, J32, G22 Úvod V dôsledku zvyšujúceho sa tlaku na verejné dôchodkové systémy vzniká popri štátom garantovanom starobnom dôchodku stále väčší priestor pre individuálne aktivity jednotlivcov, s cieľom zabezpečiť príjem v starobe aj prostredníctvom vlastných úspor. Prvotnou možnosťou pre ich tvorbu sú samotné dôchodkové systémy. Opatrenia zamerané na podporu súkromných úspor sú implementované priamo v dôchodkových systémoch mnohých krajín, v ďalších sa o ich zavedení uvažuje. Očakáva sa od nich zvýšenie
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