Nella mia tesi, ho analizzato i risultati del questionario sui bilanci delle famiglie italiane del 2012, condotto dalla Banca d'Italia. In particolare, mi sono concentrata sulla sezione riguardante le forme previdenziali complementari. Lo scopo della tesi è studiare la domanda di piani previdenziali complementari in un momento di transizione dal primo pilastro del sistema pensionistico al secondo pilastro, ovvero da un sistema publico e obbligatorio a un sistema privato e volontario, in conseguenza delle riforme degli ultimi anni in ambito previdenziale. Da un primo livello di analisi, è emerso che solo il 6% dell'intero campione possiede piani pensionistici integrativi e tra i tipi di piani, il 44% è rappresentato dai PIP e questo è un risultato importante in quanto i PIP sono collegati con il massimo grado di responsabilità e di indipendenza del membro, e chiunque può stipularli, anche le casalinghe o i disoccupati. Tra i membri di piani pensionistici, il 60% sono uomini e il 40% donne; tutti gli individui che posseggono piani pensionistici hanno un livello minimo di istruzione, mentre questo non è vero per ciò che riguarda l'intero campione statistico, dove vi è una percentuale consistente di individui sprovvisti di un livello minimo di istruzione. Nel Nord c'è la maggiore concentrazione di individui con piani pensionistici (55%) e la percentuale decresce verso il Sud. Tra le classi di età, si è visto che la percentuale aumenta fino alla classe 45-54, per poi diminuire. Addirittura l'83%, tra i membri, sono dipendenti, il 12% liberi professionisti e solo il 5% disoccupati: queste percentuali differiscono notevolmente se comparate in tutto il campione statistico. Il 69%, tra i membri, sono sono sposati, mentre solo la metà del campione statistico lo è. Il 50% è avverso al rischio: questa percentuale può sembrare abbastanza alta, ma se paragonata a quella dell'intero campione, è emerso che il 65% di tutti gli individui sono avversi al rischio. Ad un livello successivo, ho stimato il modello Probit sulla probabilità di possedere piani pensionistici integrativi. Inizialmente, ho considerato principalmente variabili socio-demografiche come l'età, il genere, l'area geografica, il livello di educazione ecc. Aggiungendo altre informazioni, principalmente economiche, si è visto che lo stato lavorativo è un buon indicatore della domanda di piani integrativi e in particolare essere manager aumenta la probabilità del 12,64%. Aggiornando il modello con tutte le altre informazioni economiche, infine, si è mostrato che il livello di reddito non ha l'impatto sulla probabilità che ci si aspetta: "solo" il 4,17%. Inoltre, è emerso che essere avversi al rischio non solo non aumenta la probabilità di possedere piani pensionistici, ma la diminuisce. In seguito ho confrontato il modello Probit per la domanda in piani da parte degli uomini, e da parte delle donne. Comunque, il risultato più interessante riguarda proprio la bassa pecentuale che investe in forme previdenziali integrative: solo il 6% del campione totale. Questo risultato conferma ampiamente gli studi in letteratura che affermano che ancora troppe persone non investono abbastanza in campo previdenziale e non si interessano abbastanza del loro futuro pensionistico, forse perchè percepito lontano nel tempo.
In my thesis, I have analyzed the results of of the Survey on Household Income and Wealth (SHIW) of 2012, conducted by the Bank of Italy. In particular, I have focused my attention on the section about the supplementary pension forms. The aim of the thesis was studying the demand for supplementary pension plans, in a time of transition from the first pillar of pension system to the second one, that is from a public and mandatory system to a private and voluntary one, as a result of the reforms of last years in pension field. From a first level of analysis, it has emerged that only 6% of the total sample hold supplementary pension plans; among the types of plans, 44% are represented by individual pension plan (Italian PIP) and this is an important result, since this type deals with the maximum level of responsability and independence of the holder, and it can be held by everyone, even housewives or unemployed in general. Among holders, 60% are men, and 40% women; this difference can be explained by the fact that women are more risk-averse, and the analysis has shown that risk-averse individuals are less likely to hold supplementary pension plans. Anyway this disproportion is not so pronounced, if compared with other investments. Any holder has a minimum level of education, and this is an important result, because that is not true for what concerns the whole sample, where there is a substantial percentage of individuals without any level of education. In the North of Italy, there is the highest concentration of individuals with supplementary pension plans (55%) and the percentage decreases toward the South of Italy. Among the age groups, it was found that the percentage increases with age until 45-54 group, and then it decreases. Even 83%, among the holders, are employees, 12% are self-employed and only 5% are unemployed: these percentages significantly differ when analyzing the whole sample. 69%, among the holders, are married, while only about one half of the total sample is married. 50% of the holders are risk-averse: this percentage may seem quite high, however if compared with the one of the whole sample, it has emerged that 65% of all individuals are risk-averse. At a later stage, I have estimated the Probit model relating to the demand for supplementary pension plans; firstly, I have considered mainly socio-demographic variables in the model such as age, gender, geographic area, education level, etc. By adding other information, mainly economic variables, it was proved that the employment status is a good predictor of the demand and, in particular, being manager increases by 12.64% the probability to hold a supplementary plan. Updating all the other economic information, finally, it was shown that the income level has not the impact on the probability of the demand that one can expect: only 4.17%. Moreover it has emerged that being risk averse does not increase the probability of holding a supplementary plan. Then, I have compared the Probit model for what concerns women and what concerns men. However the most upsetting result regards precisely the very low percentage holding private pension forms, 6% of total sample. This result widely confirms the literature studies asserting that still too many people do not invest enough in pension field and do not care enough about their future, maybe because perceived as distant in time.
The demand for annuities: evidence from Italy
BUCCHERI, ENRICA
2013/2014
Abstract
In my thesis, I have analyzed the results of of the Survey on Household Income and Wealth (SHIW) of 2012, conducted by the Bank of Italy. In particular, I have focused my attention on the section about the supplementary pension forms. The aim of the thesis was studying the demand for supplementary pension plans, in a time of transition from the first pillar of pension system to the second one, that is from a public and mandatory system to a private and voluntary one, as a result of the reforms of last years in pension field. From a first level of analysis, it has emerged that only 6% of the total sample hold supplementary pension plans; among the types of plans, 44% are represented by individual pension plan (Italian PIP) and this is an important result, since this type deals with the maximum level of responsability and independence of the holder, and it can be held by everyone, even housewives or unemployed in general. Among holders, 60% are men, and 40% women; this difference can be explained by the fact that women are more risk-averse, and the analysis has shown that risk-averse individuals are less likely to hold supplementary pension plans. Anyway this disproportion is not so pronounced, if compared with other investments. Any holder has a minimum level of education, and this is an important result, because that is not true for what concerns the whole sample, where there is a substantial percentage of individuals without any level of education. In the North of Italy, there is the highest concentration of individuals with supplementary pension plans (55%) and the percentage decreases toward the South of Italy. Among the age groups, it was found that the percentage increases with age until 45-54 group, and then it decreases. Even 83%, among the holders, are employees, 12% are self-employed and only 5% are unemployed: these percentages significantly differ when analyzing the whole sample. 69%, among the holders, are married, while only about one half of the total sample is married. 50% of the holders are risk-averse: this percentage may seem quite high, however if compared with the one of the whole sample, it has emerged that 65% of all individuals are risk-averse. At a later stage, I have estimated the Probit model relating to the demand for supplementary pension plans; firstly, I have considered mainly socio-demographic variables in the model such as age, gender, geographic area, education level, etc. By adding other information, mainly economic variables, it was proved that the employment status is a good predictor of the demand and, in particular, being manager increases by 12.64% the probability to hold a supplementary plan. Updating all the other economic information, finally, it was shown that the income level has not the impact on the probability of the demand that one can expect: only 4.17%. Moreover it has emerged that being risk averse does not increase the probability of holding a supplementary plan. Then, I have compared the Probit model for what concerns women and what concerns men. However the most upsetting result regards precisely the very low percentage holding private pension forms, 6% of total sample. This result widely confirms the literature studies asserting that still too many people do not invest enough in pension field and do not care enough about their future, maybe because perceived as distant in time.| File | Dimensione | Formato | |
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https://hdl.handle.net/20.500.14240/69149