Poles' attitudes towards saving for retirement
Poles' attitudes towards saving for retirement

Summary/Abstract: Saving for retirement involves reducing consumption during a given period, meaning refraining from spending a portion of current income to use it for expenses after ceasing to be professionally active. The primary driver of retirement savings should be a rational calculation to offset the anticipated decline in income after retirement. The saving motives are shaped by socioeconomic, demographic, and psychological factors, with income and assets being key economic determinants. This paper focuses on the attitudes of Poles toward voluntary saving for retirement. The empirical research utilizes standard statistical and econometric techniques, including independence tests and logistic regression. It is based on a quantitative study conducted in December 2023 with a representative sample of 1,010 adult Poles. Its results show that fewer than 20% of Poles save specifically for retirement, and only 12% use financial instruments dedicated explicitly to retirement savings. Those who save are typically highly educated, urban residents, employed, or economically inactive but financially supported by another member of their households. More juvenile household members and low incomes decrease the likelihood of saving for retirement, while higher incomes increase it. The macroeconomic perspective indicates that despite the growing stock of financial assets dedicated to retirement savings, the savings rate of Polish households is one of the lowest in Europe. The decline in the savings rate in recent years is especially concerning in the face of the deepening ageing process of Polish society.

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