An Empirical Study on the Financial Preparation for Retirement of the Independent Workers for Profit in Poland

Abstract

Modern pension schemes are based on the delegation of responsibility for pension provision from state institutions to individuals, which implies voluntary retirement saving. Workers for profit (independent workers in household market enterprises) hold much greater personal responsibility for financing their pensions than workers for pay. The main aim of this study was to provide an empirical identification of economic and social factors that would determine the propensity toward long-term saving for pensions by independent, for-profit workers in Poland. Additionally, the study recognizes the level of saving accumulated by them as well as preferred forms in which this saving is made.In order to select determinants of pension saving, a logistic regression model was used. The data come from the direct survey conducted in 2020 by CAWI method (Computer-Assisted Web Interview) on a random nationwide sample of Poles. The analysis of the data also used other methods of descriptive and mathematical statistics. The conducted research showed that the respondents’ individual decisions concerning saving for retirement are affected by such factors as gender, age, family situation, amount of revenue, share of revenue from business activity in total revenue, and subjective assessment of the respondents’ financial situation. The respondents declared holding various, though not high, savings. Moreover, it turned out that independent workers for profit in Poland opt for non-conventional forms of gathering pension savings.

Life insurance with insurance capital funds as a form retirement savings: Determinants for the self-employed

“…The results of the study and statistical analyzes show that the determinants of saving self-employment in the form of life insurance with insurance capital funds only slightly differ from the determinants shaping the total retirement savings of this social group, identified in the earlier study (Bednarczyk et al, 2021). It turned out that there are no differences regarding such social factors as age and family situation.…”

“…The factors that determine the retirement savings of self-employed persons are examined much less frequently than in the case of households (Ramnath et al, 2017;Parker et al, 2007;Bednarczyk et al, 2021). Here, as well, the basic category of factors which in empirical research turned out to be statistically significant for retirement savings were demographic factors, such as: age, family status, place of residence of the selfemployed (DeVaney et al, 1997;DeVaney et al, 1998;Szczygieł et al, 2018;Krupa et al, 2016).…”

Implementation of Non-state Pension Provision in Ukraine in the System of Strengthening Social Protection

“…The system of pension provision in Ukraine is de jure three-level (Furdak, 2021), the levels of which include two systems: the system of compulsory state pension insurance (the first and second levels) and the system of funded pension provision (the second and third levels) (Cheberyako & Bykova, 2020, p.45;Castro-González et al, 2020;Bednarczyk et al, 2021). The first level -the solidarity system -provides a basic income for a person after his/her retirement.…”

Algunos Indicadores de Desempeño de Empresas Financieras que han Implementado Proceso de Transformación Digital en Honduras entre 2018-2022

“…El cambio financiero es el resultado de un conjunto de factores externos a las organizaciones y específicos de su sector. Entre ellos se encuentran los avances tecnológicos, los cambios sociales (por ejemplo, la micro financiación) y las presiones externas sobre la dirección como consecuencia del aumento de la normativa, la competencia y la demanda de los clientes (Bednarczyk, Skibińska-Fabrowska, y Szymańska, 2021).…”