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由於扶養比降低與平均餘命增加，退休理財規劃已被國人所重視。本研究首先介紹退休規劃的流程，依照世界銀行1994年所提出之退休所得三層架構，第一層為強制性社會安全制度的保障，第二層為退休金制度，以及第三層為自願性商業保險儲蓄制度。當退休前的自願儲蓄不足時，即可能產生退休不足度的問題，解決方式為設法提高退休所得；而影響退休所得有三個主要因素，其一為金額之多寡，其二為累積時間之長短，而最為個人能掌握的第三個重要因素為「投資報酬率」之高低，因此如何利用較佳的投資策略與報酬，減少退休所得不足的問題即為一種大課題。本研究主要的目的為考量風險因素後，分析各種投資策略的績效與檢視交易成本對其之影響，並且設法在有無限制風險程度下，找出最大報酬率的策略。分析結果發現固定比例混合法投資策略在各績效衡量指標下與加入交易成本考量皆有較佳的表現，且在限制風險找尋最大報酬的情形下也是如此；但如果是在沒有限制風險找尋最大報酬的情形，固定比例混合法投資策略在以尾端風險為考量之決策目標時，即非最好的策略。 關鍵字：退休規劃、資產配置、投資策略

In der Bundesrepublik hat sich die Überzeugung durchgesetzt, angesichts des bevorstehenden demographischen Wandels sei eine Stärkung kapitalgedeckter Elemente in der Altersvorsorge notwendig. Die Riestersche Rentenreform des Jahres 2001 stellt einen Schritt in diese Richtung dar. Zunächst wird dargelegt, dass die demographisch induzierten Schwierigkeiten der gesetzlichen Rentenversicherung (GRV) wahrscheinlich ebenso überschätzt werden wie das Problemlösungspotential einer verstärkten privaten Vorsorge. Daher wird anschließend untersucht, wie sich die Gewissheit von der Notwendigkeit kapitalgedeckter Vorsorge politisch durchsetzen konnte. Hierbei wird auf theoretische Ansätze einer Wissenssoziologie der Politik zurückgegriffen. Anhand ausgewählter rentenpolitischer Bundestagsdebatten der Jahre 1957 bis 2001 werden die Deutungen politischer Akteure hinsichtlich der Probleme der GRV, der Problemlösungen und der dabei vorgesehenen Rolle kapitalgedeckter Elemente untersucht. Gezeigt werden soll, dass die Rentenreform 2001 nicht einfach auf Grund demographischer oder ökonomischer Zwänge verstanden werden kann. Entscheidend sind vielmehr die politischen Deutungen solcher Sachverhalte und deren langfristiger Wandel. Erst aus der Verknüpfung von spezifischen Deutungen der langfristigen demographischen Entwicklung, der kurzfristigen Wirkung der Lohnnebenkosten auf die Arbeitslosigkeit und der Funktionsgrundlagen der GRV ergibt sich im politischen Prozess die „Notwendigkeit“ einer zusätzlichen privaten kapitalgedeckten Altersvorsorge.

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Doctor of Philosophy / Department of Family Studies and Human Services / Sonya L. Britt / This dissertation, consisting of three studies, explores the factors that influence the financial wellness of employees participating in a workplace financial education program. This dissertation also explores the influence that financial wellness has on the intention to engage in retirement planning activities and perceived retirement preparedness. Data for all three essays was obtained from a Financial Wellness Assessment instrument used in conjunction with a workplace financial education program provided by Financial Finesse (2013). The primary conceptual framework used to guide the three studies was Joo’s (2008) conceptual framework of financial wellness. The first essay examined factors that have been conceptualized as components of financial wellness—financial behaviors, perceived financial knowledge, and financial attitudes. Results showed that employees comfortable with their current level of non-mortgage debt and those with perceived financial knowledge had a greater sense of overall financial wellness. Core financial behaviors and advanced financial behaviors were also found to be associated with financial wellness with core financial behaviors having the biggest effect on financial wellness. Maintaining an emergency fund, having a handle on cash flow, paying credit card balances off in full each month, and paying bills on time were significantly related to greater financial wellness. Personal factors associated with a greater sense of financial wellness included household income, being under age 30, homeownership, being married, and not having children in the household. The second essay examined the influence of various subcomponents of financial wellness on retirement planning intention. Results indicated that retirement was the leading financial topic of interest of employees. Findings also demonstrated that desirable core financial management behaviors and a financial attitude of comfort regarding current non-mortgage debt increased the likelihood of employee intentions to engage in retirement planning activities. Specific financial behaviors associated with retirement planning intention included having a handle on cash flow, paying bills on time, and paying off credit card balances in full each month. Personal factors such as age and income also influenced retirement planning intention as older employees and those with greater household income were more likely to intend to plan for retirement. Having children in the household and non-Caucasian/White ethnicity decreased the likelihood of retirement planning intention. Finally, the third essay utilized Joo’s (2008) conceptual framework of financial wellness to explore factors that predict perceived retirement preparedness. Higher levels of financial satisfaction, perceived financial knowledge, and confidence in current asset allocation increased the likelihood employees demonstrated a sense of retirement preparedness. Core and advanced financial behaviors were also associated with perceived retirement preparedness. Younger employees and household income of $100,000 or more increased the likelihood of perceived retirement preparedness. Results of these three studies demonstrate that financial wellness has a significant influence on perceived retirement preparedness of employees engaged in information seeking activities as part of a workplace financial education program. Key components of financial wellness such as objective financial status, financial knowledge, financial attitudes, financial satisfaction, and financial behaviors were also found to be associated with the intention to engage in retirement planning activities. These findings are relevant to financial counselors, financial planners, financial educators, academicians, and employers dedicated to promoting increased financial wellness among employees.

Retirement is a complex undertaking that is influenced by many factors. The variables influence the retirement experience either alone or in combination. Because the factors are intertwined, it is sometimes difficult to determine which are the most significant. The complex nature of retirement often leads to people being under prepared for the challenges they are likely to confront. Despite the importance of the retirement enterprise, there has been little research on the subject among black retirees in South Africa. This is especially true when it comes to the case of retired migrant workers. The purpose of the present study is to explore the experience of life satisfaction during retirement and adjustment to retirement of migrant workers when they return back to their communities of origin in the Eastern Cape Region, South Africa. Research participants for the study were retired persons (N=54) who were selected through snowball sampling method. The data for the study was collected using a Biographical Questionnaire, the Life Satisfaction Index-A, Adjustment Scale and Open-ended Interview Questions. Retired non-migrant workers were also included in the study in order to determine whether there are differences on these measures compared to retired migrant workers. The results of the study indicated that: retired migrant workers had significantly lower levels of life satisfaction and encountered more adjustment problems in retirement than retired non-migrant workers; retired migrant workers had less choice in their decision to retire than retired non-migrant workers; retired migrant workers did not participate in sufficient financial planning for their retirement; and financial situation significantly affects adjustment to retirement and life satisfaction during retirement. / Psychology / D. Litt. et Phil. (Psychology)

Submitted by Adriana Alves Rodrigues (aalves@espm.br) on 2018-10-09T19:04:13Z No. of bitstreams: 1 MPCC - LUÍS FERNANDO MORAIS VIDAL.pdf: 3583551 bytes, checksum: 62534655c37e541e6d0d8a1319d18879 (MD5) / Approved for entry into archive by Adriana Alves Rodrigues (aalves@espm.br) on 2018-10-09T19:04:51Z (GMT) No. of bitstreams: 1 MPCC - LUÍS FERNANDO MORAIS VIDAL.pdf: 3583551 bytes, checksum: 62534655c37e541e6d0d8a1319d18879 (MD5) / Approved for entry into archive by Debora Cristina Bonfim Aquarone (deborabonfim@espm.br) on 2018-10-09T19:11:49Z (GMT) No. of bitstreams: 1 MPCC - LUÍS FERNANDO MORAIS VIDAL.pdf: 3583551 bytes, checksum: 62534655c37e541e6d0d8a1319d18879 (MD5) / Made available in DSpace on 2018-10-09T19:12:00Z (GMT). No. of bitstreams: 1 MPCC - LUÍS FERNANDO MORAIS VIDAL.pdf: 3583551 bytes, checksum: 62534655c37e541e6d0d8a1319d18879 (MD5) Previous issue date: 2018-03-29 / The objective of this dissertation is to investigate if the degree of Financial Literacy of individuals is a determining factor in the planning of retirement in Brazil. The measurement of Financial Literacy was based on the scale used by Van Rooij, Lusardi and Alessie (2011). The original scale developed by these authors is divided into two parts. The first one of these two is intended to measure the Basic Financial Literacy that measures knowledge about interest rates, inflation, value of money in a period of time, and second measures the Advanced Financial Literacy by analyzing knowledge about the stock market, risk, return, diversification, bonds and mutual fund. Besides that, in the light of behavioral economics, we evaluated how the Brazilian would feel with the application of a Nugde in adherence to the private pension plan. This evaluation was carried out through two questions elaborated by the author, using a 5- point Likert scale. For this, 226 people with age between 30 and 60 years were interviewed online. The interviewees were divided into quota by economic class, based on the per capita family earnings expressed in Reais according to the criteria used by the Getúlio Vargas Foundation (also known as FGV). The questionnaire also addressed sociodemographic questions (age, sex, schooling, and employment situation). In summary, the results point out that financial literacy is strongly associated with retirement planning. Besides that, the results also demonstrate that individuals see positively Nudge, one of the main instruments of behavioral economics. Therefore, we can conclude that it is extremely important that there be investments in the creation of financial education programs and studies in the area of behavioral economics, whether public or private, so that we can increase the knowledge and planning of individuals for retirement. / A presente dissertação tem por objetivo investigar se o grau de Alfabetização Financeira dos indivíduos é um fator determinante do planejamento de aposentadoria no Brasil. A mensuração da Alfabetização Financeira tomou como base a escala utilizada por Van Rooij, Lusardi e Alessie (2011). A escala original desenvolvida por esses autores divide-se em duas partes. A primeira delas destina-se a medir a Alfabetização Financeira básica que mede o conhecimento sobre taxa de juros, inflação, valor do dinheiro no tempo e, a segunda, mede a Alfabetização Financeira avançada, analisando o conhecimento sobre o mercado acionário, risco, retorno, diversificação, títulos e fundo mútuos. Além disso, à luz da economia comportamental, avaliamos como o brasileiro se sentiria com a aplicação de um Nugde na adesão ao plano de previdência privada. Essa avaliação foi realizada por meio de duas questões elaboradas pelo autor, utilizando uma escala tipo Likert de 5 pontos. Para isso, foram entrevistados de forma on-line 226 pessoas de idade entre 30 e 60 anos. Os entrevistados foram divididos em cotas por classe econômica, a partir dos rendimentos familiares per capita expressos em reais de acordo com os critérios utilizados pela Fundação Getúlio Vargas (FGV). O questionário também contemplou as perguntas sociodemográficas (idade, sexo, escolaridade, e situação de emprego). Em suma, os resultados apontam que a alfabetização financeira está fortemente associada ao planejamento de aposentadoria. Além disso, os resultados também demosntram que os indivíduos enxergam positivamente o Nudge, um dos principais instrumentos da economia comportamental. Portanto, podemos concluir que é extremamente importante que haja investimentos na criação de programas de educação financeira e estudos na área da economia comportamental, seja de ordem pública ou privada, para que possamos ampliar o conhecimento e o planejamento dos indivíduos para a aposentadoria.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-07-30T12:25:28Z No. of bitstreams: 1 Thaís Araujo de Oliveira Pereira de Carvalho.pdf: 2636639 bytes, checksum: 8f4f5440463a3046fc63ff3fd050ef00 (MD5) / Made available in DSpace on 2018-07-30T12:25:28Z (GMT). No. of bitstreams: 1 Thaís Araujo de Oliveira Pereira de Carvalho.pdf: 2636639 bytes, checksum: 8f4f5440463a3046fc63ff3fd050ef00 (MD5) Previous issue date: 2018-06-04 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / How have the Brazilian private-sector worker been preparing for retirement? This was the main question of this research, which started from the assumption that the entrance to the end of the career is in a place of unpreparedness, and consequently it entails damages to the old age, that now happens to be of a longer period. In order to understand this behavior, the following objectives were proposed: a) outline the sociodemographic profile of a group; b) identify if the interviewees had any planning for retirement - be it financial, leisure, study or other; c) understand their perception of concerning their old age and the project of life for their extended time, and d) contribute with inputs for the formulation of educational policies of planning for the post-work world. To respond to this problem, it was decided through a semi-structured analysis in a group of 40 private-sector workers, of the transformation business in São Paulo state, covering men and women over 41 years of age. Answers expressing surprise, high centrality at work, lack of knowledge and fear of facing the issue led to a scenario of interviewees, who were classified into three groups, according to the level of perception and behavior for retirement: those who are very unprepared, those semi prepared and those who deny or reject retirement. It was also identified that the old age has extremes meanings: negative and positive. The results indicates that the subject is not yet adequately addressed and has a lack of preparation in several spheres, denouncing not only a cultural issue, but also an impending public social problem for which we are rapidly moving towards in Brazil / Como o trabalhador brasileiro do setor privado tem se preparado para a aposentadoria? Esta foi a pergunta guia desta pesquisa que partiu do pressuposto de que a entrada no final de carreira versa em um lugar de despreparo, e que como consequência acarreta prejuízos para a velhice, que atualmente passa a ser de uma existência mais longa. No intuito de entender este comportamento foram propostos os seguintes objetivos: a) traçar o perfil sociodemográfico do grupo; b) identificar se os entrevistados possuíam algum planejamento para a aposentadoria – seja de natureza financeira, de lazer, de estudo ou outros; c) compreender a percepção destes referentes às suas velhices e o projeto de vida para o seu tempo dilatado, e d) contribuir com insumos para a formulação de políticas educacionais de planejamento para o mundo pós-trabalho. Para responder ao problema proposto nesta pesquisa, decidiu-se por entrevistas semi-estruturadas (questionário composto por 61 questões, sendo 19 abertas) em um grupo com 40 trabalhadores de uma empresa privada do setor de transformação, no Estado de São Paulo, abrangendo homens e mulheres com idade superior a 41 anos. Respostas expressando surpresa, alta centralidade no trabalho, desconhecimento e medo de enfrentar o assunto trouxe à tona o cenário dos entrevistados, que foram classificados em três grupos, de acordo com o nível de percepção e comportamento quanto à aposentadoria: aqueles que se encontram totalmente despreparados, os que estão semipreparados e os que negam ou rejeitam a aposentadoria. Para este grupo também foi identificado que a velhice orbita em dois polos extremos: concepção positiva e negativa. Estes resultados demonstram o quanto o assunto ainda não é tratado devidamente e reflete a falta de preparo em diversas esferas, denunciando não somente uma questão cultural, mas também um iminente problema social público para o qual caminhamos rapidamente no Brasil

為探討臺灣民眾退休不足度，本研究不同以往問卷式詢問臺灣民眾準備狀況，使用所得替代率(replacement rate)為工具，建構估算模型，透過宏利人壽委託政大民調中心進行的民調數據，實際估算勞工與軍公教民眾退休不足度，其中發現台灣有24%勞工民眾在退休後無法達到60%所得替代率，且低估死亡時間與高估報酬率都會對勞工退休不足度造成影響。而對軍公教民眾而言，以80%所得替代率進行估算，才會有退休不足的問題，而低估死亡時間與高估報酬率對退休不足影響較小。此外探討退休信心與實際估算不一致的情況，主要發現高所得的勞工民眾，較可能發生有信心但準備不足60%所得替代率的情況，而低所得的勞工民眾，較可能發生沒有信心但可以準備80%所得替代率的情況，本研究認為是因為臺灣現行退休金制度下，高所得的勞工民眾若要達到相同所得替代率，所需儲蓄率高於低所得的勞工民眾。 / The purpose of this paper is to examine the Retirement Shortfall in Taiwan by using replacement rate. Building model with the poll data which is commissioned by Manulife Life Insurance and conducted by Market Survey Research Center of National Chengchi University, we found that the populations of the civil servants can achieve 60% replacement rate after retirement, but 24 percent of labors can’t reach the 60% income replacement rate. Besides, the retirement shortfall of labors become worse after adjusting by the overestimate of rate of return and underestimate of longevity risk. In short, labor people should contribute more to their pension in case they may have inadequate retirement situation. Using logistic regression, we found that people of high-income have tendency to feel overly optimistic of their retirement shortfall, vice versa. Social security and pension benefit provide less replacement rate for people of high-income, so rich people need highly save rate.

This dissertation presents three essays on retirement and savings behaviour. It relies on secondary data from British national surveys to empirically address how workers prepare and adapt to the economic circumstances of later life. Chapter 1 analyses the effectiveness of providing workers with the opportunity to join workplace pension schemes to stimulate pension savings. It estimates the potential opt-in rate among employees who haven’t been offered a pension plan by an employer, had they been offered the opportunity to join a scheme. Governmental policies enforcing pension plan provision at every workplace could generate a major impact on aggregate participation rates. This potential success does not seem to be conditional on the existence of mechanisms imposed by law concerning the way workers are enrolled. Chapter 2 examines the effect of workplace pension schemes provision and participation on other individual financial savings, such as personal pension plans and financial assets. It exploits the variability in workplace pension scheme provision and membership induced by the employer’s payroll size as an identification strategy. No evidence is found that providing employees with access to workplace pension schemes would make them less likely to save through non-pension financial instruments. These results support the enforcement of the universal provision of workplace pension schemes as a national policy to improve financial preparation for retirement. Chapter 3 builds on the literature of the economic role of home production of goods and services at retirement. The literature usually restricts the explanation of retirees’ heterogeneous attitudes towards home production to gender differences or social norms related to couples’ division of labour. The present study provides novel evidence that non-cognitive skills in the form of personality traits explain the heterogeneous reallocation of time and consumption that occurs during a transition from the labour market to retirement.