Accumulation of funds under the IKE pension system and WIG20 index fluctuation

Tomasz Wojtasiewicz

Abstract


Aim: The topic of the pension pillar III, a voluntary pension scheme, is occasionally addressed in the media making the public wonder whether it is possible to live a dignified life after retirement. The article makes the attempt to show how households’ interest in Individual Retirement Accounts (in the paper referred to as IKE) has changed in relation to the WIG 20 index. The author believes that the behavior of the capital market influences the public in its decision-making with regard to funds accumulation under the IKE pension system.

The aim of the paper is to examine the relationship between household’s showing interest in setting up an individual retirement account and the WIG20 index fluctuation. The study was conducted based on data spanning 12 years, i.e. from 2004 to 2015. The paper outlines the characteristic features of IKE pension accounts, as well as the impact of the stock index WIG20 on the flow of funds placed with IKE.

Research method: The analysis using Pearson’s correlation coefficient indicated a small dependency between the number of IKEs and WIG20.

Findings: Having examined the different segments if IKE, an unexpected dependency between IKE in a voluntary pension scheme managed by PTE /Universal Pension Fund Company/ and the WIG20 was found.

Implications: Investors may find the paper interesting seeing it as a determinant in making investment decisions; it could also be of interest to scholars seeking to investigate in more depth the topic relating to the third-pillar.

Limitations: The limitation of the study was lack of data on inactive accounts which have not been deleted.

Keywords


IRA, households, investing, savings

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References


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DOI: http://dx.doi.org/10.29015/cerem.182

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