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Old age poverty and financial awareness in europe

• Agnes Vaskovi

(2023). ECMS 2023, 37th Proceedings
Edited by: Enrico Vicario, Romeo Bandinelli, Virginia Fani, Michele Mastroianni, European Council for Modelling and Simulation.
DOI: http://doi.org/10.7148/2023
ISSN: 2522-2422 (ONLINE)
ISSN: 2522-2414 (PRINT)
ISSN: 2522-2430 (CD-ROM)
ISBN: 978-3-937436-80-7
ISBN: 978-3-937436-79-1 (CD) Communications of the ECMS Volume 37, Issue 1, June 2023, Florence, Italy June 20th – June 23rd, 2023

https://doi.org/10.7148/2023-0107

Agnes vaskovi (2023). Old Age Poverty and Financial Awareness in Europe, ECMS 2023, Proceedings Edited by: Enrico Vicario, Romeo Bandinelli, Virginia Fani, Michele Mastroianni, European Council for Modelling and Simulation. doi:10.7148/2023-0107

"End poverty in all its forms everywhere". The United Nations has identified the eradication of poverty worldwide as the first priority of its Sustainable Development Goals. However, poverty in old age is not given a specific place in this effort, despite the fact that developed societies are all ageing, with an increasing proportion of the population over 65 years. Financial insecurity in old age can lead to poverty and social exclusion, which is largely a matter for the pension system to prevent and tackle, and to a lesser extent for financial readiness and conscious preparation. In our study, we address the relationship between old age poverty and financial awareness, using data from 25 European countries to identify groups that can be considered similar from aspects of poverty, pension systems, macroeconomic factors, and some aspects of financial awareness. Using clustering, we found that the countries studied can be divided into four distinct clusters, with all combinations of financial readiness and old age poverty. The results could help decision makers identify intervention points to reduce poverty in old age.