Table A1: Compulsory Pension Coverage and Saving Behaviour
Marginal effect, per cent
Full sample
Below median income
Above median income
Financially constrained
Not financially constrained
Whether saving
6.8**
6.8*
3.6
6.6*
3.8
Saving for education
−2.0
−1.5
3.1
−3.4
0.4
Saving for family reasons
2.3
1.0
2.5
1.6
5.9
Saving for home
5.3
1.1
15.2**
3.2
10.8
Saving for retirement
8.1*
5.7
9.1
4.4
8.5
Saving for ill health/emergencies
−0.8
−3.6
8.2
−5.1
11.4
Saving for future/no reason
6.6*
4.9
6.8
4.4
7.2
Time horizon for saving greater than 5 years
0.2
−1.1
3.9
−2.7
4.0
Above-average financial risk-taking
−4.2
−1.9
−12.0
−1.1
−23.7***
Notes: The marginal effect is for discrete change of dummy variable measuring
compulsory pension coverage from 0 to 1. Other factors affecting saving,
outlined in Section 2.5, have been controlled for. ***, ** and * represent
significance at the 1, 5 and 10 per cent levels, respectively, for the
test of the underlying coefficient being 0.
Table A2: Effect of Compulsory Pension Contributions on Household Wealth to Gross
Income Ratio
Full sample, median treatment effect
Regression
Matching estimator
Financial wealth
Including assets in pension accounts
20.3
48.9
Excluding assets in pension accounts
4.4
12.7
Implied effect on pension assets
15.9
36.2
Net wealth
Including assets in pension accounts
46.7
28.5
Excluding assets in pension accounts
4.2
−2.9
Implied effect on pension assets
42.5
31.4
Note: Standard errors have not been calculated for the median matching estimator.
Table A3: Effect of Compulsory Pension Contributions on Voluntary Saving for Retirement
and the Timing of Retirement
Full sample, average treatment effect
Regression
Matching estimator
Whether make voluntary contributions
18.6***
10.7***
Voluntary contributions as per cent of labour income
1.5***
0.9*
Whether have retirement intentions
−1.4
−3.2
Age intend to retire (years)
1.3
5.2***
Note: *** and * represent significance at the 1 and 10 per cent levels,
respectively.
Table A4: Model of Net Financial Wealth
Coefficient
Standard error
Coefficient
Standard error
Compulsory super contributions
0.91***
0.15
Retail trade
58.49
4,893.76
Compulsory super contributions & self-employed
−0.38
0.65
Hospitality
3,957.06
5,269.38
Self-employed
38,239.85**
15,457.97
Transport & storage
3,283.80
10,532.51
Age
−3,448.46***
1,310.07
Communication
28,862.37*
17,419.80
Age2
59.92***
17.54
Finance & insurance
9,327.89
10,377.75
Gender
−603.35
3,359.91
Property & business services
3,940.05
7,352.46
Persons in household
1,511.99
4,930.28
Government & defence
29,715.37**
12,433.54
Persons in household2
−75.08
675.75
Education
15,763.10*
9,275.01
Household disposable income
0.10
0.25
Health care & community services
−5,752.06
6,583.16
Household disposable income2
7.73×10–6***
2.52×10 6
Cultural & recreational services
−1,435.59
8,763.11
Years employed
179.10
973.62
Personal & other services
7,084.61
7,564.81
Years employed2
59.24**
24.95
Regional
6,387.86
4,635.50
Health condition
5,611.67
6,239.80
Outer regional
8,893.68
9,302.66
Health condition affecting work
−8,289.60
7,930.21
Remote
12,454.03
12,433.45
Job security
−36.47
153.14
Very remote
21,716.26
21,521.39
Job security2
−1.19
2.24
NSW other than Sydney
1,185.60
5,766.65
Finished high school only
16,259.02***
4,145.47
Melbourne
3,401.67
3,783.38
Finished degree
15,610.21***
5,182.85
Rest of Vic
6,269.09
6,716.18
Finished diploma only
13,866.49***
3,501.26
Brisbane
1,456.78
4,283.72
Married
−1,183.68
4,190.40
Rest of Qld
−3,308.02
4,934.84
Divorced
–25,599.47***
4,987.74
Adelaide
−3,091.47
5,788.47
Widowed
−28,751.74*
15,046.15
Rest of SA
−7,027.52
8,833.35
De facto
−13,407.14***
4,564.14
Perth
−786.37
5,492.58
Agriculture, forestry & fishing
3,062.69
9,660.75
Rest of WA
−14,512.94
10,906.46
Mining
29,010.77
18,539.55
Tas
−964.81
7,606.57
Utilities
87,567.48**
39,030.13
NT
9,875.42
35,617.71
Construction
−5,728.81
6,209.44
Canberra
14,460.36
17,069.42
Wholesale trade
−239.85***
6,173.07
Constant
22,435.35
20,228.94
Notes: The Pseudo R2 is 0.18. ***, ** and * represent significance
at the 1, 5 and 10 per cent levels, respectively.
