Is an Associate Professor in the Department of Insurance at Wroclaw University of Economics and Business. Her research focuses on equity release, household finance, and the pension systems. She is also an editor of Financial Science journal. Moreover, she is an individual member of the Classification and Data Analysis Group of the Polish Statistical Association and the European Network for Research on Supplementary Pensions.
Reducing individuals' exposure to social risks is desirable from an individual and state perspective. A key factor determining the level of protection against the effects of social risks is the form of employment. The aim of this article is to indicate whether individuals with a lower level of protection in the social security system are characterised by lower trust in the Social Security, a more individualistic life attitude, or a lower level of knowledge about the pension system - and whether weaker protection is accompanied by compensatory measures. The answer to these questions is made possible by a statistical analysis based on individual data from the ZUS survey Knowledge and attitudes towards social security. In its light, those with the highest level of protection are also those with the highest level of knowledge about the mechanisms of the security system, while those with the highest or lowest level of protection are characterised by a slight dominance of communal over individualistic attitudes. Trust in ZUS is not statistically significantly different between groups with different levels of protection. Among compensation activities, voluntary saving is clearly more frequently recorded among those with low trust in ZUS, while the episode of working abroad was more frequent among those with above-average levels of knowledge. In selected subgroups, gaps in social security that could be compensated by public policy are revealed.
The adequacy of old-age pension systems depends on the efficiency of retirement plans offered to individuals. The purpose of this study was to identify which macroeconomic factors influence the investment efficiency of voluntary pension funds and employee pension funds in Poland. We verified whether there is any relationship between the rates of return of voluntary and employee pension funds and selected macroeconomic factors. We found that nominal and real rates of return of employee pension funds depend on the WIG rate of return. In case of voluntary pension funds higher nominal rates of return resulted from both more aggressive investment policy and better competencies of asset managers. The research findings are relevant for social policy as they provide useful information how to tailor investment policy of supplementary pension plans to better achieve the social and economic goals of the old-age pension system.