wu2025.4.2

Data dodania: 24 marca 2026

Collective Pension Savings and Long-Term Capital Mobilization: Polish Insights for the Savings and Investment Union

Andrzej Sołdek

DOI: https://doi.org/10.33995/wu2025.4.2

Abstract

European capital markets remain underdeveloped compared to global peers, characterized by low equity issuance and limited market capitalization. This study investigates how collective pension savings can more effectively stimulate capital market growth than individual savings products. Using a mixedmethods approach – including a critical literature review, a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis, and a comparative analysis of European and U.S. pension systems – the research identifies behavioral and structural barriers to individual saving. It highlights institutional mechanisms such as automatic enrollment, lifecycle contribution escalation, and default investment strategies that address these challenges. The paper contributes to the finance literature by proposing a sequenced reform strategy for pension systems aimed at optimizing long-term savings and capital accumulation. It emphasizes the often-overlooked role of asset allocation in pension plans, which is crucial for both capital market development and household investment returns. Furthermore, the study finds the concept of a positive feedback loop between emergency savings and pension contributions to be a potential game changer. Drawing on Poland’s pension infrastructure, the article offers policy recommendations with broader relevance for European economies. The findings underscore that effective asset allocation and plan design in collective pension schemes – not merely the existence of pension funds – are critical to capital market development.

Keywords

capital markets, pension systems, institutional savings, asset allocation, behavioral finance, European economies, financial reform

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