Viliam Páleník. Kristína Petríková. Institute of Economic Research SAS European Economic and Social Committee. Institute of Economic Research SAS

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1 Viliam Páleník Institute of Economic Research SAS European Economic and Social Committee Kristína Petríková Institute of Economic Research SAS

2 Motivation Introduction Context Financial Services Equity Release Schemes Conclusion

3 Ageing of EU population Lower birth rate Life expectancy increasing by 3 months each year By 2060, life expectancy 84,6 for men, 89,1 for women r r r r r r r r r r r r r r r. 5-9 r. 0-4 r. Women 2010 Men 2010 Women 2060 Men

4 Increase in spending of older population Only 8% want to save wealth for next generations Almost 55 % want to spend their wealth/assets on themselves Increasing quality of life of seniors Last year as Europe s year for active ageing and solidarity between generations Employment Society participation Health and independent living Solidarity between generations Silver economy Satisfying increased demand of older population for specified goods and services

5 EU Policy: Europe 2020 Economic growth is the main goal, in the light of silver economy opportunities: Inteligent growth Keep older workers Support inventive surrounding for new goods and services Sustainable growth: Healthy and active ageing Prevention of overburdening of public services Inclusive growth: Guarantee high quality of life for older people

6 1989 revolution Transformation recession Price liberalisation inflation Pensions depreciation New economic environment seniors situation Absence of established businesses, no pension savings Modest consumption In general having one limited source of income

7 Money improves every stage of our life 53 % of all assets are administrated by seniors Significant increase in: Pension insurance Pension savings scheme Financial (portfolio) investments Equity Release Schemes Equity release schemes (reverse mortgage)

8 Suitable for seniors: Pension insurance Savings insurance products Allow to accumulate wealth during productive age with spending in postproductive age Under condition to save for at least half of productive age

9 Specification of Slovak system: II. pillar: mandatory pension saving III. pillar: optional pension saving Conditions: Formally entry at least 10 years before retirement Reality save for at least half of productive age

10 Fields of investment: Stocks and related funds Bonds and related funds Mixed funds Secured funds Seniors viewpoint: Using savings in possible time horizon of less than 10 years Traditional, sensible thinking Critical thinking in terms of contracts and fees

11 Access to the accumulated wealth with owner still living there Increase in individual s financial income via liquidizing his/her personal estate Approx contracts across Europe in 2007 Issued primarily by banks, real estate investors, insurance companies

12 Loan model Customer owns his/her personal estate Customer earns lifelong annuity, provider gets rights for handling personal estate after customer s passing away Sale model Customer sells his/her personal estate to the provider at the beginning of contract period Customer gets lifelong tenant right Partial sale model Combination of above mentioned products

13 Customer Increase in income Increased quality of living Possibility to stay and grow old in familiar environment Greater independence Provider Innovation on the market Real estate market access Relatively high potential profit

14 Customer Inflation depreciation of annuity Changes in interest rate Bankruptcy of provider Provider Uncertain life expectancy Changes in interest rate Changes in value of real estate / real estate market fluctuation

15 Legal Only some EU countries have law provisions for functioning equity release schemes Cultural Strong homeownership tradition in many EU countries Seniors lack enough experience with using credit and modern services Financial Economic crisis Turmoil on real estate market

16 Insurance and retirement savings products: Very suitable Not actual for current seniors high age Financial investments: Suitable even for time horizon of less than 10 years Condition of critical thinking Risks e.g. Pyramid schemes Additional income: Working vs. High unemployment Additional expenses: Long-term care

17 Long-term care Pensions not rising Impossible vision of employment High expenses Asset house, apartment House succession for taking care of elderly relatives Selling for yielding additional income Equity release schemes appropriate and transparent solution

18 Viliam Páleník Kristína Petríková

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