Socio-Demographic and Behavioral Profile of Private Pension Fund Participants in Romania: Comparative Analysis of Pillar II and Pillar III

In this research, the authors studied the socio-demographic and behavioral evolutions of Pillar II and Pillar III participants in Romania, using a model based on time series analysis, graphical representations and comparative tables. The data were taken from the official statistics of the Financial Supervisory Authority for the period 2007-2024 and were processed by the authors to highlight the structural differences between the two forms of saving. The results show that Pillar II functions predominantly as a mandatory saving mechanism, with a low level of individual involvement, an aspect reflected in the automatic evolution of the structure of participants and the gradual aging of the taxpayer base. In contrast, Pillar III is emerging as a voluntary instrument, characterized by active and selective participation, predominantly by people with stable incomes and higher financial education. The data analysis indicates a substantial increase in interest in voluntary savings in mature age groups, along with a recent trend of expansion among young people. The conclusions emphasize that the efficiency of the two pillars depends on both the legislative architecture and the level of financial education, and the integrated interpretation of the statistical series confirms the importance of developing public policies that stimulate sustainable accumulation and informed participation in private pension systems. The earlier participation in the private pension system begins, the greater the capitalization of contributions and the higher the final retirement income. Personal financial responsibility must be cultivated from the early part of one's career, as exclusive dependence on the public pension no longer guarantees a decent standard of living.