Composition du jury :
Co-encadrante de thèse :
• STRÁŽNICKÁ Katerina, Maître de Conférences, Université Clermont Auvergne
Rapporteurs :
• TADJEDDINE Yamina, Professeure des universités, Université de Lorraine
• HERVE Fabrice, Professeur des universités, Université de Bourgogne
Suffragants :
• François Aubert, Professeur des universités, Université Clermont Auvergne
Invité :
• Benjamin Williams-Rambaud, Professeur des universités, Université Clermont Auvergne
Résumé de la thèse :
This PhD thesis investigates the behavioral aspects of retirement savings, with a focus on three empirical chapters. The research extends the existing literature by examining the impact of financial literacy on retirement savings, comparing countries with different levels of financial development. Additionally, the study explores the role of personality traits in shaping savings behavior, using large-scale data analysis. A unique contribution of this research is the combination of micro and macro data to investigate the relationship between these factors and retirement savings. The study examines how investor protection and an individual's risk attitude influence their savings behavior. The primary objective of this thesis is to investigate thoroughly on individuals' behavior towards their savings goals for post-retirement life, highlighting the important role played by financial literacy and personality traits in this process. The first chapter of our thesis examines the relationship between financial literacy and retirement savings, using data from the Household Finance and Consumption Survey (HFCS). To analyze the impact of financial literacy on savings behavior, the study focuses on Luxembourg and Slovakia, which have different levels of financial development. The findings of our research reveal that the level of financial literacy among the population of Luxembourg is higher as compared to that of Slovakia. The empirical analysis indicates that financial literacy is positively associated with retirement savings in Luxembourg, while no significant relationship is found between financial literacy and savings in Slovakia. These findings contribute to a better understanding of the role of financial literacy in retirement savings behavior and have important implications for policymakers. The second chapter of our thesis investigates the impact of big five personality traits on individuals' savings behavior. The big five personality traits, including Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism, are widely recognized by psychologists as fundamental dimensions that shape human behavior. The study utilizes data from the SHARE database and covers a sample of 27 European countries. The results suggest that personality traits significantly influence savings behavior, and in particular, the traits of Openness and Agreeableness have a positive impact on savings behavior. The findings of this chapter provide important insights into the role of personality traits in retirement savings and have practical implications for financial planners and advisors. The third and final chapter of the thesis examines the relationship between Investor Protection, Investment Attitude, and Savings Behavior. The study investigates whether investor protection can play an important role in retirement savings behavior among households and whether it can help individuals adopt a more favorable risk attitude towards retirement savings. The analysis focuses on the impact of investor protection and risk attitude on savings behavior and the interaction between the two factors. The study utilizes data from the World Bank for investor protection and from the SHARE database for household data. The results indicate a significant relationship between the strength of investor protection, an individual's risk attitude, and retirement savings behavior. These findings have important implications for policymakers and financial advisors in designing retirement savings schemes that consider the role of investor protection and risk attitude. Our thesis focuses on retirement savings, a critical area of research due to its impact on financial security. We examine the impact of financial literacy, personality traits, and investor protection on savings behavior. Our findings provide valuable insights for policymakers and financial practitioners. These factors are essential considerations in understanding retirement savings behavior. Policymakers can use our findings to design effective retirement savings policies and programs. The research also helps evaluate the effectiveness of existing policies. By comparing results, policymakers can determine which programs work best and this can lead to expanding effective policies and programs.
Keywords: Retirement Savings, Financial Literacy, Personality Traits, Investor Protection, Investment Attitude
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