The risk of under‐insurance in the Finnish statutory pension scheme for self‐employed workers
A trajectory analysis
Bibliographic Data
Using unique data on the contribution base, we investigate under‐insurance within the statutory pension scheme for self‐employed workers in Finland. Under‐insurance is defined as the difference between pension‐declared income and tax‐declared income. The trajectory modelling technique applied has allowed us to estimate the levels of under‐insurance for different subgroups and to identify possible explanatory factors. Under‐insurance is found to be persistent and large. The analysis reveals six distinctive and homogenous sub‐groups of self‐employed workers. Close to 84 per cent of these workers pay too little in contributions, often leading to inadequate protection against personal risks. Especially for lower‐income self‐employed workers, this points to myopic behaviour as regards contributing to the self‐employed statutory pension scheme and calls for fine‐tuned economic incentives
Actuarial science · Business · Demographic economics · Economics · General insurance · Incentive · Income protection insurance · Insurance policy · Labour economics · Microeconomics · Pension · Pension insurance · Political science · Public economics · Self employed · Statutory law · Finance · Financial Literacy, Pension, Retirement Analysis · Gender, Labor, and Family Dynamics · Law · Retirement, Disability, and Employment
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| Unique citing works | 5 |
|---|---|
| Citations per year | 1,25 |
| Citation span | 2022 - 2026 (5) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 5 |