How to effectively encourage Poles to save for retirement? The use of achievements of behavioural economics in the construction of Employee Capital Plans

Abstract

The research problem undertaken in this study concerns, in particular, assessment of the effectiveness of solutions based on behavioural economics that will be implemented in Employee Capital Plans (ECP; in Polish: pracownicze plany kapitałowe—PPK) in the scope of achieving widespread popularity of voluntary pension savings and stimulating the desired amount of voluntary retirement savings. The research goals are realized on the basis of a meta-analysis of research conducted in the countries where behavioural incentives in stimulating voluntary retirement savings have already been applied. The conclusion is that applying behavioural solutions, such as automatic enrolment, could potentially contribute to increasing the universality of additional savings for retirement. The effectiveness of the ECP in stimulating additional savings in the desired amount, however, is limited. It was also indicated that the potential of behavioural economics in ECP has not been fully utilized. In particular, this concerns the absence of a mechanism