Perceptions of real estate as a retirement asset: survey evidence

Purpose This study aims to explore the roots of the dominance of real estate in household wealth. It focuses on the formation of beliefs about real estate as a retirement asset and their potential drivers, including both attitudinal factors and life-course circumstances. Design/methodology/approach First, the postulated mechanisms of belief formation are grounded in the existing literature to provide theoretical justification. The empirical analysis is then based on survey data collected from a randomly selected sample of 1,017 individuals in Poland. Binary logistic regression models are used to assess the hypothesized relationships. The robustness of the findings is examined through a series of checks, including falsification tests and alternative model specifications. Findings Forward-looking orientation, trust in private pensions, parenthood, and educational attainment are all associated with beliefs about real estate as a retirement asset. However, rather than direct effects, the results indicate strong moderation patterns. In particular, parenthood strengthens the association between forward-looking orientation and these beliefs, while individuals with a tertiary education are less likely to perceive real estate as the most suitable source of supplementary retirement income. Originality/value Existing studies typically explain the dominance of real estate by focusing on observed housing outcomes, such as homeownership. However, such outcomes reflect the joint influence of beliefs, preferences, and constraints. By using a dataset in which beliefs are directly measured, this study provides new insights into the cognitive mechanisms underlying retirement investment reasoning prior to the realization of observed portfolio choices.