May 31, 2018. The Seminar on Social Welfare, Youth and Aging organized by the UbZurich Chair was celebrated on May 28 and 29 at the Faculty of Economics and Business of the University of Barcelona. The seminar showed the implications for young people of early saving for retirement.

On the first day, Prof. Diego Valero (London School of Economics) gave the lecture entitled “Behavioral economics for pensions” and he explained that individuals usually underestimate their life expectancy after retirement age and need “nudges” to take decisions about long-term savings.

On the second day, a round table about how early savings can complement future public pensions was celebrated. The round table was conducted by Salvador Torra (UB). Experts participating on the table were Diego Valero (London School of Economics), Javier Rodriguez (Life insurance Technical Director, Zurich Spain), José Luis Almeda (Business development Director, Deutsche Zurich Pensions EGFP), and Mercedes Ayuso (UBZurich Chair, UB).

The importance of financial education on long-term saving decisions was highlighted by all the experts. The seminar was attended by a remarkable number of students that claimed that low salaries and high housing rental prices are not a favorable financial context for long term savings.