Microeconomic determinants of private retirement savings: the case of Tunisia

Houda Graiet, Faouzi Jilani


In the last decade, the financial situation of pension funds in Tunisia has worsened because of demographic and economic factors. These changes will make solidarity between generations more difficult and will prompt the government to institute some reforms regulating basic pension. This scenario of probable changes involves voluntary contributions to retirement saving schemes offered by financial institutions in order to supplement future pensions of workers. The aim of this paper is to understand Tunisian working population’s savings behaviour, referring, for this purpose, to microeconomic factors, while assessing the current status of life insurance and funded pension schemes in Tunisia. To this end, a survey1 was carried out on a representative population of Tunisian individuals affiliated to the three main public pension schemes and approached through savings theories and the Life Cycle Model (Modigliani 1954), in particular.


Life insurance; retirement savings; life cycle theory; G22; D14; D15

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