nep-age New Economics Papers
on Economics of Ageing
Issue of 2015‒08‒25
eighteen papers chosen by
Claudia Villosio
LABORatorio R. Revelli

  1. Pension Wealth and Maternal Employment: Evidence from a Reform of the German Child Care Pension Benefit By Andreas Thiemann
  2. Do Earnings Really Decline for Older Workers ? By Stephen Bazen; Kadija Charni
  3. Invest as You Go: How Public Health Investment Keeps Pension Systems Healthy By Paolo Melindi-Ghidi; Willem Sas
  4. Reformoptionen des österreichischen Pensionssystem und ihre finanziellen Auswirkungen By Christl, Michael; Kucsera, Dénes
  5. How Much Longer Do People Need to Work? By Alicia H. Munnell; Anthony Webb; Anqi Chen
  6. Long-term care and births timing By Pierre Pestieau; Grégory Ponthière
  7. Retirees' Pension Wealth in France: An Assessment on Sample Administrative Data By Christophe Daniel; Anne Lavigne; Stéphane Mottet; Jesus-Herell Nze Obame; Bruno Séjourné; Christian Tagne
  8. Retirement Reversals and Health Insurance: the Potential Impact of the Affordable Care Act By Joshua Congdon-Hohman
  9. Strategic Intelligence Monitor on Personal Health Systems Phase 3 (SIMPHS 3) Introduction to SIMPHS3 case studies By Fabienne Abadie; Cristiano Codagnone
  10. Travel Motivations of Seniors: A Review and a Meta-Analytical Assessment By R. Patuelli; P. Nijkamp
  11. Optimal asymmetric taxation in a two-sector model with population ageing By Fedotenkov, Igor
  12. Efficiency estimates of health care systems By João Medeiros; Christoph Schwierz
  13. Phase-type aging modeling for health dependent costs By Maria Govorun; Guy Latouche; Stéphane Loisel
  14. Concevoir l'instrumentation gestionnaire de la gouvernance territoriale de l'aide aux proches aidants de personnes âgées dépendantes By Sébastien Gand; Elvira Periac
  15. New Evidence on Mobility and Wages of the Young and the Old By Hansen, Jörgen; Lkhagvasuren, Damba
  16. Dépréciation du capital humain et formation continue au cours du cycle de vie : Quelle dynamique des externalités sociales ? By Arnaud Chéron; Anthony Terriau
  17. Concurrence générationnelle et prix immobiliers By Arnaud Simon; Yasmine Essafi
  18. Constitution d'un revenu complémentaire de retraite: quels sont les facteurs déterminants? By Najat El Mekkaouide Freitas; Bérangère Legendre

  1. By: Andreas Thiemann
    Abstract: This paper uses administrative data to investigate how a change in pension wealth affects a mother’s employment decision after child birth. I exploit the extension of the child care pension benefit in 1992 as a natural experiment in a regression discontinuity design to estimate short- and medium-run employment effects. In comparison to most family benefits, the child care pension benefit is accumulated upon child birth but only becomes effective on the verge of retirement. Hence, the employment response depends on how a mother discounts future pension benefits. The results suggest that the change in pension wealth does not affect maternal employment, which is not in line with a forward looking rational behavior. Therefore, the child care pension benefit increases maternal old-age income without causing negative employment reactions.
    Keywords: Natural experiment, female labor supply, pension benefit
    JEL: J13 H55 D19
    Date: 2015
  2. By: Stephen Bazen (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université); Kadija Charni (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université)
    Abstract: Cross section data suggest that the relationship between age and hourly earnings is an inverted-U shape. Evidence from panel data does not necessarily confirm this finding suggesting that older workers may not experience a reduction in earnings at the end of their working life. In this paper we use panel data on males for Great Britain in order to examine why the two types of data provide conflicting conclusions. Concentrating on the over 50s, several hypotheses are examined: overlapping cohorts, job tenure, job-changing, labour supply behaviour and selectivity bias. Cohort and individual fixed effects partly explain the divergent conclusions. However, for fully, year-on-year employed individuals, there is no evidence of earnings decline at the end of working life. We find no role for selectivity due to retirement, although shorter working hours or partial retirement along with job-changing late in life do provide an explanation for why hourly earnings decline for certain older workers. We find no evidence that the process of ageing itself leads to lower earnings as suggested by the cross section profile.
    Date: 2015–02
  3. By: Paolo Melindi-Ghidi (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université); Willem Sas (Center for Economic Studies - CES - KU Leuven - CES - KU Leuven)
    Abstract: Better health not only boosts longevity in itself, it also postpones the initial onset of disability and chronic inrmity to a later age. In this paper we examine the potential eects of such compression of morbidity' on pensions, and introduce a health-dependent dimension to the standard pay-as-you-go (PAYG) pension scheme. Studying the long-term implications of such a system in a simple overlapping generations framework, we nd that an increase in public health investment can augment capital accumulation in the long run. Because of this, the combination of health investment with a partially health-dependent PAYG scheme may in fact outperform a purely PAYG system in terms of lifetime welfare.
    Date: 2015–07
  4. By: Christl, Michael; Kucsera, Dénes
    Abstract: Dieser Beitrag untersucht die Auswirkungen unterschiedlicher Reformoptionen auf die Finanzierbarkeit des österreichischen Pensionssystems bis zum Jahr 2060. Es werden sowohl Änderungen im Verhalten der Arbeitnehmer (effektives Pensionsantrittsalter) als auch Änderungen des Pensionssystems (gesetzliches Pensionsantrittsalter) simuliert. Die Ergebnisse zeigen, dass ein alleiniger Anstieg des effektiven Antrittsalters nicht ausreichend ist um den staatlichen Zuschuss (Bundesbeitrag) mittelfristig stabil zu halten. Vielmehr muss das gesetzliche Antrittsalter jährlich um zumindest zwei Monate steigen, damit auch eine langfristige Stabilität gewährleistet ist. In diesem Fall würde der Bundesbeitrag zwar mittelfristig (bis 2040) auf das 1,5fache (in Prozent des BIP) ansteigen, langfristig jedoch würde er (bis 2060) auf dem Wert von 2014 bleiben.
    Abstract: This paper analyzes the impact of various reform options with regard to the financial stability of the Austrian pension system until 2060. We distinguish between different cases of retirement behavior by simulating various increases of the effective and/or the statutory retirement age. Our results suggest that an increase in the effective retirement age by three months per year does not stabilize the Austrian pension system in the medium run. We show that at least a steady increase of the statutory retirement age by two months per year is necessary to keep the system stable in the long run (until 2060). Nevertheless, in this case the federal grant for the pension system (as a share of GDP) will have to increase by 50 percent until 2040, however, it will decrease to its current level until 2060.
    Keywords: Pensionssystem,Bundesbeitrag,Prognose,Antrittsalter
    JEL: J26 H53 H55
    Date: 2015
  5. By: Alicia H. Munnell; Anthony Webb; Anqi Chen
    Abstract: Working longer is a powerful lever to enhance retirement security. Individuals should be able to extend the number of years they work because, on average, they are healthier, live longer, and face less physically demanding jobs. But averages are misleading when discrepancies in health, job prospects, and life expectancy have widened between individuals with low and high socioeconomic status (SES). To understand the magnitude of the problem, this paper, using data from the Health and Retirement Study, specifies how much longer households in each SES quartile would need to work to maintain their pre-retirement standard of living and compares those optimal retirement ages with their planned retirement ages to calculate a retirement gap. It then uses regression analysis to explore whether the gap reflects poor circumstances or poor planning – that is, the extent to which the retirement gap results from health, employment, and marital shocks that occur before the HRS interview but too late for the household to adjust saving (between ages 50 and 58), as opposed to a gap resulting from inadequate foresight. The analysis shows that households in lower-SES quartiles have larger retirement gaps, and this pattern remains true even after controlling for late-career shocks. In short, the most vulnerable have the largest retirement gaps, and these gaps arise from poor planning rather than late-career shocks.
    Date: 2015–08
  6. By: Pierre Pestieau (CEPR - Center for Economic Policy Research - CEPR, CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain, PSE - Paris-Jourdan Sciences Economiques - CNRS - Institut national de la recherche agronomique (INRA) - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics); Grégory Ponthière (ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, PSE - Paris-Jourdan Sciences Economiques - CNRS - Institut national de la recherche agronomique (INRA) - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics)
    Abstract: Due to the ageing process, the provision of long-term care (LTC) to the dependent elderly has become a major challenge of our epoch. But at the same time, our societies are characterized, since the 1970s, by a significant postponement of births. This paper aims at examining the impact of those demographic trends on the optimal family policy. We develop a four-period OLG model where individuals, who receive children's informal LTC at the old age, must choose, when being young, how to allocate births along their lifecycle. It is shown that early children provide more LTC to their elderly parents than late children, because of the lower opportunity cost of providing LTC when being retired. In comparison with the social optimum, individuals have, at the laissez-faire, too few children early in their life, and too many later on in their life. The decentralization of the first-best optimum requires thus to subsidize early births. We study also the design of the optimal subsidy on early births in a second-best setting. Its level depends on efficiency and equity issues, as well as on its incidence on the long-run population composition and on LTC provision.
    Date: 2015–03
  7. By: Christophe Daniel (Granem - Groupe de Recherche ANgevin en Economie et Management - UA - Université d'Angers - Agrocampus Ouest - Institut National de l'Horticulture et du Paysage); Anne Lavigne (LEO - Laboratoire d'économie d'Orleans - UO - Université d'Orléans - CNRS); Stéphane Mottet (CRIEF - Centre de Recherche sur l'Intégration Economique et Financière - Université de Poitiers); Jesus-Herell Nze Obame (Granem - Groupe de Recherche ANgevin en Economie et Management - UA - Université d'Angers - Agrocampus Ouest - Institut National de l'Horticulture et du Paysage); Bruno Séjourné (Granem - Groupe de Recherche ANgevin en Economie et Management - UA - Université d'Angers - Agrocampus Ouest - Institut National de l'Horticulture et du Paysage); Christian Tagne (LEO - Laboratoire d'économie d'Orleans - UO - Université d'Orléans - CNRS)
    Abstract: This contribution proposes a measure of retirees' pension wealth in the French public Pay-As-You-Go schemes (first and second pillar schemes) and of its distribution among the population of retirees in 2012 using the Echantillon Inter régimes de Retraités (EIR) panel data. We show that aggregate pension wealth amounts to around €5 800 billion assuming a 2 percent discount rate which represents 25 years of benefits and 2.8 years of 2012 GDP. There are significant differences in the amount of individual's pension wealth between the pension schemes of the private and public sectors, and between men and women. Moreover, there is more inequality in the distribution of pension wealth among private sector retirees than public sector ones. Codes JEL : G23, H31, J32. We thank the Direction de la recherche, des études, de l'évaluation et des statistiques of the French Government for providing us with the EIR 2012. This research has benefited for the financial support of the Observatoire de l'Epargne Européenne.
    Date: 2015–07–09
  8. By: Joshua Congdon-Hohman (Department of Economics and Accounting, College of the Holy Cross)
    Abstract: This paper uses the longitudinal aspect of the Health and Retirement Study to explore the characteristics associated with reversals in retirement (referred to here as "unretirement"). Through the use of survival time analysis, this paper shows that health insurance status and its source are signicant predictors of unretirement decisions. The relationship is important as the potential impacts of the Affordable Care Act are considered. By comparing the role of health insurance provision to the impact of financial "shocks", the analysis finds that insurance is equally important as other financial explanations for retirement reversals. The analysis also shows that health insurance source plays a particularly important role for those who were previously open to the idea of working in retirement while they were still working.
    Keywords: Retirement, Unretirement, Retirement reversals, Health insurance
    JEL: J26 J22 H55 J32
    Date: 2014–07
  9. By: Fabienne Abadie (European Commission – JRC - IPTS); Cristiano Codagnone (European Commission – JRC - IPTS)
    Abstract: This report is an introduction to the various cases of integrated care and independent living developed in SIMPHS3. It addresses the methodology applied for the field work, and provides further details on the fieldwork activity, together with a brief description of the typologies of health and social care actors interviewed. It also gives an overview of the number of Member States and regions covered in the study, how the cases have been analysed and the actors interviewed. It also presents an overview of the report structure used in all the cases so as to allow comparability. The structured questionnaire and the semi-structured interview key questions used in the field work are presented in the Annex.
    Keywords: SIMPHS, eHealth, Remote Monitoring, ageing, integrated care, independent living, case studies, facilitators, governance, impact, drivers, barriers, integration, organisation
    JEL: I11 I18 O33 O38
    Date: 2015–07
  10. By: R. Patuelli; P. Nijkamp
    Abstract: Over the past decades, leisure travel has become increasingly popular in older segments of the world population, as a consequence of global factors such as a rise in life expectancy, improved health conditions, a higher disposable income, and increased availability of discretionary time in retirement age. Consequently, researchers have become more interested in studying the motivations for travel of seniors. A number of questions may be raised or have been addressed in the recent past: What are the main factors explaining the travelling choices of seniors? Are their travel motivations different from the ones of the younger population, which have been widely studied in the past? Are geographical differences in terms of motivations comparable between different age groups? Why is senior tourism a topic of particular interest with regard to Asia? In order to answer such questions, in this paper we provide a review of the literature on the travel motivations of seniors. On the basis of 29 articles published on the topic, we provide a qualitative and meta-analytic assessment of past findings, by investigating the dimensions of travel motivations most frequently employed in past seniors surveys. Finally, we discuss a research agenda for further analysis of senior travel motivations and for the integration of this branch of travel research within a wider framework.
    JEL: C35 L83
    Date: 2015–08
  11. By: Fedotenkov, Igor
    Abstract: This paper presents a simple condition for optimal asymmetric labour (capital) taxation/subsidization in a two-sector model with logarithmic utilities and Cobb-Douglas production functions, linked to demographic factors: fertility rate and longevity. The paper shows that depending on parameter values, it may be optimal to tax or subsidize labour in the sectors. If it is optimal to tax the investment-goods sector, a Pareto-improving tax reform is possible. Larger output elasticities of capital in the sectors reduce the possibilities of a Pareto-improving reform, while population ageing in terms of higher longevity enhances the possibilities of welfare improvement for all generations. Fertility rates do not affect optimal taxation.
    Keywords: Two sectors, factor mobility, asymmetric taxation, optimality, population ageing
    JEL: E62 H21 J10
    Date: 2015–07–09
  12. By: João Medeiros; Christoph Schwierz
    Abstract: Health care spending has been rising faster than national income throughout the EU for decades and is projected to continue doing so as a result of population ageing. However, this paper estimates that there is substantial scope to improve the efficiency of Europe's health care systems and that this could halt the rise in health care expenditure as a proportion of GDP over the long term.
    JEL: I12 I18 C51
    Date: 2015–06
  13. By: Maria Govorun (University of Western Ontario - University of Western Ontario); Guy Latouche (ULB - Université Libre de Bruxelles [Bruxelles] - ULB - Université Libre de Bruxelles); Stéphane Loisel (SAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1)
    Abstract: In the present paper we develop recursive algorithms to evaluate the distribution of the net present value (abbreviated as "NPV") of a health care contract. The duration of the program is a random variable representing the lifetime of an individual. We suggest a discrete time phase-type approach to model individual health care costs. In this approach, annual health care costs depend naturally on the health state of the individual. We also derive the distribution of the NPV assuming that annual health care costs are iid random variables. We demonstrate analytically that, under special parametrisation, the model with iid costs gives a similar expectation of the NPV to the one of the model with health dependent costs. We propose techniques to evaluate the impact of health related events and demonstrate it on numerical examples.
    Date: 2014–11
  14. By: Sébastien Gand (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Elvira Periac (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris)
    Abstract: Les problématiques liées à la perte d'autonomie de personnes âgées occupent une place aujourd'hui reconnue dans l'espace des politiques publiques sanitaires et sociales mais leur traitement reste insuffisant au regard du vieillissement démographique entamé et futur. Cette communication se centre sur la problématique des proches aidants de personnes âgées dépendantes, souvent leur conjoint ou enfant. Celle-ci s'est légitimée progressivement jusqu'à voir de nombreuses actions dédiées à cette population. Malgré ces efforts, l'insuffisance et le manque d'efficacité des moyens déployés font consensus. Partant de ce constat, nous reprenons cette problématique en proposant une démarche d'instrumentation gestionnaire de la gouvernance territoriale d'une telle politique publique. L'élaboration cartographique présentée apparaît comme une reproblématisation de l'aide aux proches aidants et introduit un espace de coopération et de projection commune qui manque actuellement aux acteurs hétérogènes concernés. Ce faisant, elle ouvre la réflexion sur l'élaboration de fonctions plus ingénieriques pour les acteurs publiques, complémentaires de leur fonction d'allocation. Abstract : Issues related to the loss of autonomy of elderly people are nowadays recognized in the health and social public policies, but the later remain insufficient regarding the ongoing and future aging of the population. This paper focuses on the support to caregivers of dependend elderly people, often their spouse or child. Dedicated services have progressively been devoted to this populatiod. Despite these efforts, the insufficience and ineffectiveness of the means obtain a general consensus. From this point, we tackle this issue by elaborating a management tool for territorial governance of such public policy. The actionnable map we develop appears as a new way of approaching the issue of helping caregivers and introduces an area for cooperation and common purpose that currently lacks to the various actors involved. It eventually opens the discussion on the development of social engineering functions for public actors, next to their traditional allocation function.
    Date: 2015–05–28
  15. By: Hansen, Jörgen (Concordia University); Lkhagvasuren, Damba (Concordia University)
    Abstract: We present new evidence on the wage and mobility of young and old workers, which is difficult to explain using standard human capital theory. Instead, we propose a simple dynamic extension of the Roy model, where worker migration and wages are jointly determined at the individual level. According to this model, a higher moving cost among older workers is the main factor driving the lower mobility among this group. Because of the higher moving costs, older workers require a higher wage increase to move across regions than younger workers, a pattern that is consistent with individual-level U.S. data. We also find an interesting dynamic effect suggesting that, given a persistent labor income shock, a higher future moving cost makes workers more mobile today.
    Keywords: geographic mobility, labor mobility by age, labor income shock, moving cost, multi-sector model
    JEL: E24 J31 J61 R23
    Date: 2015–08
  16. By: Arnaud Chéron (GAINS - Groupe d'Analyse des Itinéraires et des Niveaux Salariaux - UM - Université du Maine, TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS); Anthony Terriau (GAINS - Groupe d'Analyse des Itinéraires et des Niveaux Salariaux - UM - Université du Maine)
    Abstract: Dans cette etude, nous presentons un cadre theorique permettant d'analyser les interactions entre investissement en capital humain, turbulence economique et cycle de vie an d'examiner la dynamique des externalites sociales liees a la formation generale. L'existence de telles externalites conduit a exclure certains travailleurs du systeme de formation professionnelle, a tort du point de vue de ce qui serait socialement souhaitable. Il convient donc de proposer une politique de soutien a la formation ciblee vers certains types de travailleurs. La principale contribution de ce papier est en eet de positionner cette problematique des externalites sociales de la formation continue dans la perspective du cycle de vie du travailleur, et de souligner qu'il serait necessaire de mettre en place une politique d'incitation a la formation dependante de l'âge. Nous montrons en eet que les employeurs tendent a accroitre trop tot dans le cycle de vie des travailleurs leur critere d'acces a la formation continue relativement a ce que suggererait de faire la prise en compte des externalites sociales. En revanche, en toute fin de carriere (a l'approche de la retraite) le rendement social converge vers le rendement prive de la formation et tend vers zero. Au bilan, ceci plaide donc pour une politique incitative non monotone avec l'age, croissante jusqu'a un certain age, puisdecroissante ensuite.
    Date: 2014
  17. By: Arnaud Simon (DRM - Dauphine Recherches en Management - CNRS - Université Paris IX - Paris Dauphine); Yasmine Essafi (DRM - Dauphine Recherches en Management - CNRS - Université Paris IX - Paris Dauphine)
    Abstract: Les français préparent leur retraite en devenant propriétaires. La coïncidence entre 1995 et 2010 d'un grand nombre de futurs retraités avec la très forte hausse des prix du résidentiel est-elle fortuite ? Dans cet article, des éléments temporels et géographiques complétés par un modèle de panel, tendent au contraire à confirmer l'existence d'une relation causale. Le 'baby-boom', devenu maintenant un 'papy-boom', fournit une situation d'étude intéressante pour mesurer le lien entre structure démographique d'une population et prix immobilier. Cette relation est robuste et assez générale ; des nuances locales existent mais elles se manifestent simplement par une plus ou moins grande force du phénomène. La prise en compte de ce facteur explicatif fait de plus apparaitre comme minimes les effets des taux et de la construction. Il semble alors possible de mettre en rapport l'histoire des prix immobiliers sur les quarante dernières années avec le déplacement et le vieillissement des cohortes issues du baby-boom. Dans le contexte actuel de 'papy-boom', le modèle suggère que ce facteur de structure pourrait engendrer une lente baisse des prix (à population constante). Toutefois, une question se pose dès aujourd'hui, et cela depuis plusieurs années, à savoir celle d'une concurrence intergénérationnelle ; le développement des subprimes entre 2003 et 2007 pouvant même être interprété comme le symptôme d'une inégalité intergénérationnelle. Alors que près de 80% des retraités sont propriétaires, Il s'ensuit que l'orientation pro 'papy-boomers' de la politique fiscale mérite d'être interrogée. Le parc résidentiel pouvant être estimé aujourd'hui à 6 000 milliards d'euros, on ne saurait le considérer comme un hors-bilan. Déflation, austérité et 'papy-boom' ne seraient-ils pas en fait des synonymes ? Mots-clés : prix immobiliers, démographie, vieillissement, inégalité intergénérationnelle
    Date: 2015–04–02
  18. By: Najat El Mekkaouide Freitas (LEDa - Laboratoire d'Economie de Dauphine - Université Paris IX - Paris Dauphine); Bérangère Legendre (IREGE - Institut de Recherche en Gestion et en Economie - Université de Savoie)
    Abstract: Quels sont les facteurs déterminants de la détention de produits d'épargne de long terme mobilisés par les ménages dans une optique de financement complémentaire de la retraite ? Pour répondre à cette question, nous mobilisons les données de la dernière enquête Patrimoine et proposons une analyse économétrique des taux de détention de différents produits d'épargne retraite et d'assurance vie. Les ménages français contractent plus fréquemment des assurances vie en cas de vie lorsqu'ils souhaitent épargner à long terme. S'ils sont historiquement peu enclins à contracter des produits d'épargne retraite privés, la réforme du système de retraite de 2003 a conduit à la mise en place de nouveaux produits spécifiquement dédiés au financement complémentaire de la retraite.L'enquête Patrimoine de 2010 intègre ces nouveaux produits d'épargne retraite. Nous montrons à l'aide de modèles de décision (probitsbivariés) que les détentions d'assurances vie et d'épargne retraite sont complémentaires et guidées par des facteurs communs. L'âge et la composition du ménage restent des déterminants primordiauxdes comportements de détention : les plus jeunes contractent moins fréquemment ce type de produits d'épargne, tandis que les couples semblent avoir un motif supplémentaire de constitution d'une épargne à long terme: la protection du conjoint survivant. Les travailleurs indépendants, qu'ils soient encore en activité ou non, détiennent également plus fréquemmentque les salariés du secteur privé des produits d'épargne pouvant être mobilisés pour le financement de la retraite. Par ailleurs, après contrôle du niveau de vie du ménage d'appartenance, il apparaît que ne pas être diplômé a un impact significatif et négatif relativement important sur la détention d'assurances vie et de contrats d'épargne retraite. Ainsi ne pas être diplômé accroît la
    Date: 2014

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