Abstract
AbstractThe omission of pension wealth potentially distorts the international comparison of wealth distributions. Private pension wealth is often included in households’ wealth portfolios, while public pension claims are not. Augmented wealth, the sum of net worth and pension wealth, resolves this limitation by including the present value of social security pension wealth. This article provides a detailed analysis of augmented wealth in Australia between 2002 and 2018, capturing the establishment of the compulsory private pension scheme, Superannuation, which was introduced in 1992. Augmented wealth is slightly less equally distributed in Australia than in Germany or Switzerland but more equal than in the United States. The article also explores the relationship between Superannuation dissaving rates and the means-tested public pension scheme, Age Pension, and its distributional implications.
Funder
Humboldt-Universität zu Berlin
Publisher
Springer Science and Business Media LLC
Subject
Organizational Behavior and Human Resource Management,General Economics, Econometrics and Finance,Sociology and Political Science
Reference67 articles.
1. Andréasson, J.G., Shevchenko, P.V.: Assessment of policy changes to means-tested age pension using the expected utility model: Implication for decisions in retirement. Risks. 5(3), 47 (2017)
2. Andréasson, J.G., Shevchenko, P.V., Novikov, A.: Optimal consumption, investment and housing with means-tested public pension in retirement. Insur. Math. Econ. 75, 32–47 (2017)
3. Andreoni, J.: Giving with impure altruism: Applications to charity and ricardian equivalence. J. Polit. Econ. 97(6), 1447–1458 (1989)
4. ASFA. Superannuation statistic. (2023). https://www.superannuation.asn.au/resources/superannuation-statistics. Accessed 27 Jan 2023
5. Asher, A., Meyricke, R., Thorp, S., Wu, S.: Age pensioner decumulation: Responses to incentives, uncertainty and family need. Aust. J. Manag. 42(4), 583–607 (2017)
Cited by
1 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献