Economic Growth Models and Their Effects on Pension Security

Abstract

The system of correlations and laws determining growth can be called the mechanism of economic growth, in short the growth mechanism. Accelerating economic growth is one of the European Union's most important challenges. One of the most significant social changes threatening the Member States of the European Union is the severe aging of the population and its current and expected impact on economies and citizens' pension security. Numerous studies show that the state pension will not be sufficient to fully cover the expenses of retirement age. In order to maintain the level of pensions, it is expected that in addition to the state pension, it will be necessary to provide some savings for pension purposes. The lecture and the related study consist of three parts. The first part presents the current and future development of the population of the European Union on the basis of demographic and statistical data and its economic effects on the development of public pensions. It also briefly summarizes the possibility of modeling the state pension system, which provides information for economic policy. The second part describes the forms and possibilities of financial savings, with special regard to the possibilities of pension savings. The third part presents the theoretical foundations of the research project “The Role of Self- Care in Our Lives” and the results of related economic research on questionnaire behavior.