Capitalized pension savings: concepts of improvement and development perspectives in circumstances of uncertainty and demographic aging of the population

Članovi projektnog tima:

1. Bojana Olgić Draženović, UNIRI, EFRI

2. Vesna Buterin, UNIRI, EFRI

3. Stella Suljić Nikolaj, UNIRI, EFRI

4. Draženka Draženović Kostelac, Ph D. student, UNIRI, EFRI - poslijedoktorandica

5. Ivana Herceg, Ph D. student, UNIRI, EFRI

6. Jasena Torma, Ph D. student, UNIRI, EFRI

7. Sabina Hodžić, UNIRI, Faculty of Tourism and Hospitality Management

8. Siniša Bogdan, UNIRI, Faculty of Tourism and Hospitality Management

Suradnici na projektu izvan osnovnog tima:

1. Slađana Benković, University of Belgrade, Faculty of Organizational Sciences, Serbia

2. Tomasz Schabek, University of Lodz, Faculty of Economics and Sociology, Poland

Trajanje projekta: 2023-2025

Sažetak projekta:

Capitalized pension savings in mandatory and voluntary pension funds are the backbone of social and economic stability in the face of an aging population, public finance difficulties and global investment opportunities. Pension funds have a direct impact on the growth of national and individual savings as well as on economic growth, reducing pressure on public budgets and promoting economic dynamism. This study provides a comparative analysis of pension systems in CEE and SEE countries, with a particular focus on capitalized pension savings. Pension funds are the main non-bank financial institutions in these countries, facing the problem of insufficient portfolio diversification, changes in the regulatory framework, underdevelopment of domestic financial markets and low interest of citizens in investing in third age savings. On the other hand, pension funds are key to maintaining social security, so their performance can improve the sustainability and adequacy of pensions and reduce overdependence on the state. There is ample theoretical and empirical evidence for the need to significantly strengthen the role of voluntary pension funds and other forms of saving for older people. The second part of the research will examine the incentives and barriers to the further development of the Croatian pension system, in particular voluntary pension savings, and develop a model for improving the funded pension savings system. The research will include an empirical review of voluntary pension funds, which have not made significant progress in covering the population and collecting funds. The questionnaire will target different groups of citizens (students, employees, employers, pensioners) and financial experts to examine levels of financial literacy, attitudes towards pension saving and appropriate incentive measures. It examines the economic, social and behavioral factors that influence the low coverage rate of citizens and the modest average contributions of Croatian citizens to voluntary pension funds. The system of voluntary private savings can ultimately be an important lever for economic growth, improvement of living standards in the third age and citizens' prosperity, but also a key element for the sustainability and adequacy of pensions and the reduction of transfers from the public budget.

Ključne riječi: pension system, mandatory pension funds, voluntary pension funds, cross-country analyses, ESG criteria