Retirement Savings by the Young Working Adults: A Global Perspective

Abstract

We draw on the latest edition of the Global Findex Database (2017) to investigate the responses of 17,717 respondents from 143 countries to gain a perspective on the retirement savings by young working adults aged between 18 to 30 years using the multilevel binary logistic regression. The evidence brings into light the gender gap in retirement savings and the positive influence of education, household income and economic development on retirement savings. The findings add to the debate on pension reforms and social security and motivate informed policy initiatives to address the low level of retirement savings.