Income and Social Determinants of Old-Age Savings: Evidence from Poland

Abstract

The aim of the article is to determine the impact of social determinants on saving for old age with regards to income. The study presents two models of logistic regression. The first one includes only social determinants of family members among independent variables, while the second one includes also income. The results of logistic regression in the model excluding income showed that such variables as gender, age, years of education, place of residence or number of household members have a significant impact on saving for old age. Moreover, another conclusion drawn from the results is that after including income in the model (which turned out to be statistically significant) almost all social determinants remain significant. Therefore, income is a significant variable which affects the odds ratio of owning old-age savings by a household, so financial determinants are important, when we want to study the level of savings. The research presented in the article comes from the representative nationwide study the Social Diagnosis which was conducted among 11,740 households in Poland in 2015.