Leader: Mario Padula (UNIVE); Other collaborator(s): Emilio Russo (UNICAL)
Designing and estimating financial literacy indexes for older people. Relating financial knowledge to the pension gap and to the evidence of a forward looking behaviour (comparing younger and older generations). Knowledge of pensions according to the occupational and generational characteristics: the role of social partnership and representation of workers. Relating financial knowledge and availability of information to the life-cycle model of saving.
Brief description of the activities and of the intermediate results:
Within this framework, a dynamic stochastic model of saving, portfolio choice and retirement is provided.
Relying on the exogenous variation from a sequence of Italian pension reforms, the model is estimated, and alternative pension policies are drawn. The validated model predicts substantial social security wealth effects on retirement, with the offset between public pension wealth and private savings softened when households can adjust their retirement decisions.
Main policy, industrial and scientific implications
The results obtained provide substantial suggestions on the selection of pension funds, taking into account the influence of information and communication technologies.
Brief description of the activities and of the intermediate results:
Spatial inequalities and gender differences are the main drivers of unequal ageing.
1. Preliminary estimates show marked geographical patterns, which may contribute significantly to differences in the access to services for older people, suggesting differential resilience to unexpected shocks.
2. The gender gap in mean retirement income increases across cohorts and with age, but the relative gender gap decreases and survivor’s benefits reduce the gap remarkably, especially late in life: hence it is important to consider the whole “welfare package” within the family.
Brief description of the activities and of the intermediate results:
Designing and estimating financial literacy indexes for older people. Provide a computational framework to quantitatively assess the distributional effects of alternative pension policies on labor supply, including retirement, and wealth accumulation decisions, based on a dynamic stochastic life-cycle model and on a sufficiently rich characterization of pension institutions.
Main policy, industrial and scientific implications:
The results obtained in the Task 5.1 have an impact on the research goals of the Task 5.2, considering the effect of information and communication technologies on the choice of pension funds. In addition, the team is providing tools to quantify the extent of pension gaps, by solving, simulating and estimating a fully-fledged life cycle model of saving. Furthermore, with the aim of building financial (and pension) literacy measures and interventions, the team is in the process of running a field experiment on the impact of information on pension matters on saving attitudes. At the intersection between Task 5.1 and 5.2 the team is looking at how the provision of financial information by pension funds to members affects the members’ financial investment decision.
Brief description of the activities and of the intermediate results:
The research on Tasks 5.1, 5.3, and 5.4 revealed that achieving greater financial and demographic literacy is crucial for the correct implementation of innovative products, as well as in the context of gender mainstreaming and gender equality policies.
Main policy, industrial and scientific implications:
Demonstrate how financial and demographic culture can improve individuals' understanding and choices, and promote the adoption of an inclusive perspective in the implementation of social development policies that aim to improve the well-being of individuals in their third age.
Dissemination Events:
- XLVII Annual Meeting of the Italian Association for Mathematics Applied to Social and Economic Sciences University of Milano-Bicocca, September 20-21-22, 2023
- 26th International Congress on Insurance: Mathematics and Economics, 04 - 07 July 2023,
Heriot-Watt University, Edinburgh, p.14
- the 26th International Congress on Insurance: Mathematics and Economics, 04 - 07 July 2023,
Heriot-Watt University, Edinburgh
- the 20th Conference of the Applied Stochastic Models and Data Analysis International Society ASMDA2023 and Demographics2023 Workshop, 6-9 June 2023, Heraklion, Crete, Greece.
- AHL-Napoli 2023: Scaling-up digital solutions for active and healthy living: implementing across scientific disciplines, industrial sectors and scenarios, University of Naples Federico II, 13-15 November 2023
- International Conference on Scientific Computing, Modeling and Simulation (ICSCMS-23), 29th November 2023, London, UK
- International Conference “Mathematical and Statistical Methods for Actuarial Sciences and Finance. MAF 2024”. University of Le Havre Normandie, Le Havre Cedex, April 4-6, 2024
- The 1st SWUFE-Sapienza International Finance Workshop,
- AGE-It General Meeting. Age-It announced the Call for Papers for the General Meeting, organized by Spoke 6, which took place in Venice at the Ca’ Foscari University from May 20th to May 22nd at San Giobbe Economic Campus – Cannaregio 873 – 30121 Venice. During the meeting, parallel sessions were hold dedicated to the research conducted by members of the Age-It community. Each session focused on a broad theme with contributions from various disciplines. Every session emphasized the implications of the research for practice and policies in the biomedical, demographic, social, and economic fields, and/or on technological innovation. The General Meeting was an important dissemination event that reached and engaged more than 400 participants. The main results presented and discussed at the Age-It general meeting, received significant attention by the research community and are expected to influence both practice and policies for an active and healthy ageing.
- 33rd European Conference on Operational Research, 30th June-3rd July 2024, Technical University of Denmark (DTU), Copenhagen, Denmark
- Scandinavian Actuarial Conference 2024, University of Copenhagen, Denmark – August 14-16, 2024
- XLVIII Annual Conference of the Association for Mathematics Applied to Social and Economic Sciences (AMASES). Ischia, September 5-6-7, 2024.
Scientific Outputs:
- Domenico De Giovanni; Marco Pirra; Fabio Viviano, Joint mortality models based on linear hypercubes, Working paper 2023
- - Apicella G., E. Di Lorenzo, G. Magni, M. Sibillo: Longevity comparison by gender: exploring the future through an evidence-based approach, 2023
- Apicella G., E. Di Lorenzo, G. Piscopo, M. Sibillo: The Functional Clustering of the Mortality Gender Gap: A Multi- country Analysis, 2023
- G. Apicella, E. De Giorgi, E. Di Lorenzo and M. Sibillo: The Gender Longevity Gap: improving economic decisions through demographic literacy. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4331841#Swiss Finance Institute Research Paper No. 23-02
- E. Di Lorenzo, F. Rania, M. Sibillo, A. Trotta: Meeting the challenges of longevity: lifetime income from real estate. In: Corazza, M., Gannon, F., Legros, F., Pizzi, C., Touzé, V. (eds) Mathematical and Statistical Methods for Actuarial Sciences and Finance. MAF 2024. Springer, Cham. https://doi.org/10.1007/978-3-031-64273-9_21, ISBN 978-3-031-64272-2, pp. 124-129.
- G. Apicella, E. Di Lorenzo, G. Magni, M. Sibillo: The cost of retirement income provision: some quantitative insights in life insurance. . In: Corazza, M., Gannon, F., Legros, F., Pizzi, C., Touzé, V. (eds) Mathematical and Statistical Methods for Actuarial Sciences and Finance. MAF 2024. Springer, Cham. https://doi.org/10.1007/978-3-031-64273-9_1, ISBN 978-3-031-64272-2, pp. 1-6.
- E. Di Lorenzo, G. Piscopo, M. Sibillo, A. Trotta: Looking toward the future: well-ageing solutions from the equity release mortgage. Encyclopedia of Monetary Policy, Financial Markets and Banking, Editor: Nicholas Apergis, Elsevier, 2024, ISBN 9780443157851, https://doi.org/10.1016/B978-0-44-313776-1.00267-1.
- G. Apicella, E. De Giorgi, E. Di Lorenzo and M. Sibillo: Financial and Demographic Literacy: Monetizing the Gender Mortality Gap. Applied Stochastic Models in Business and Industry, Applied Stochastic Models in Business and Industry, DOI: 10.1002/asmb.2876, 2024, pp. 1-23 https://onlinelibrary.wiley.com/doi/10.1002/asmb.2876
- R. Blundell, M. Borella, J. Commault, and M. Nardi (2023) Old Age Risks, Consumption, and Insurance. NBER Working Paper No. 2734
- Rosa Casillo, Permessi e agevolazioni per i lavoratori caregivers familiari (art. 3, comma 1, lett. B, d.lgs. n. 105/2022) in Fili, Garofalo, Tiraboschi, Trojsi, Trasparenza e attività di cura nei contratti di lavoro. Commentario ai decreti legislativo n. 105 e n. 105 del 2022, Adapt Labour Studies e-Book series n. 96, Adapt University Press, 2023, Tomo II, pp. 568- 576, ISBN 979-12-80922-15-1.
- Zied Chaieb, Domenico De Giovanni & Djibril Gueye (10 Oct 2023): Two hybrid models for dependent death times of couple: a common shock approach, Scandinavian Actuarial Journal, DOI: 10.1080/03461238.2023.2264555
- Devolder, E. Russo, Alessandro Staino: A flexible lattice model for fair policy valuations under multiple risk factors. Astin Bulletin (2024)
- Claudio Daminato, Mario Padula: The Life-Cycle Effects of Pension Reforms: A Structural Approach, Journal of the European Economic Association, 2023; jvad049, https://doi.org/10.1093/jeea/jvad049
- R. Casillo: La tutela in età di vecchiaia per i lavoratori non subordinati. In corso di stampa Collana di Diritto della sicurezza sociale
- Debon, S. Haberman, G. Piscopo: Multipopulation mortality analysis: bringing out the unobservable with latent clastering. Quality and Quantity, August 2023
- G. Apicella, E. Di Lorenzo, G. Piscopo, M. Sibillo: Lee-Carter model: Assessing the potential to capture gender-related mortality dynamics. Decisions in Economics and Finance (2023) https://doi.org/10.1007/s10203-023-00417
- E. Di Lorenzo, G. Piscopo, M. Sibillo: Addressing the economic and demographic complexity via a neural network approach: risk measures for reverse mortgages. Computational Management Science 21, 11 (2024) https://doi.org/10.1007/s10287-023-00491-x
- E. Di Lorenzo, G. Piscopo, M. Sibillo: Reverse Mortgage: some remarks on the interplay between contract benefit and borrower’s age. Working paper (2023)
- E. Di Lorenzo, G. Piscopo, M. Sibillo: Multi country investigation of the Healthy Life Expectancy. Abstract. AHL-Napoli 2023: Scaling-up digital solutions for active and healthy living: implementing across scientific disciplines, industrial sectors and scenarios, University of Naples Federico II, 13-15 November 2023 (2023)
- Z. Chaieb, D. De Giovanni, D. Gueye (10 Oct 2023): Two hybrid models for dependent death times of couple: a common shock approach, Scandinavian Actuarial Journal, DOI: 10.1080/03461238.2023.2264555 https://doi.org/10.1080/03461238.2023.2264555
- R. Blundell, M. Borella, J. Commault, and M. Nardi (2023) Old Age Risks, Consumption, and Insurance. NBER Working Paper No. 27348
- Rosa Casillo: Invecchiamento e lavoro. Federalismi, ISSN 1826-3534
Numero 19, 2024, pp. 21-53
- Rosa Casillo: L’universalità della tutela di pensione per i lavoratori autonomi. Dottrina Previdenza - il Lavoro nella Giurisprudenza 7/2024, pp. 653-660