Saving and Investing Among Polish Society - Disscusion Starting Point

Abstract

During the Polish economy transformation process a lot of reforms have been implemented, including those connected with pension system. Th e pension system was based on two obligatory pillars. So-called the second pillar of pension security was supposed to guarantee future humane pension (at an adequate level), when reaching retirement age. However, it is not going to happen. Despite an advertising campaign in 1998 saying that salary replacement rate may reach even more than 100%, economists drew attention to the word “may”. Getting a pension at the level of the value of the last salary from the I pillar (Social Insurance Institution) and II pillar (Open Pension Fund) did not seem real with flow of around 20% salary into pension system and with such high functioning costs of pension system.In this working paper results of research conducted by others and the author have been presented in order to formulate an answer to the abovementioned question. The identification of standpoints and behavior concerning saving and investing is crucial in reference to economic and educational policy. Changing social mentality requires many years. What should be of high concern is a steady growth of households debt level in banks.Therefore, in the present paper, the deliberation on the saving issue will be provided in relation to two groups: a representative sample referring to average citizens saving in the traditional way (most oft en bank deposits) and a target sample referring to individuals investing on stock exchange in more advanced financial instruments.Moreover, in the article examples of proactive state undertakings aiming at encouraging citizens to saving have been presented. Unfortunately, the examples are taken from the British market, and not Polish.