Two Europes, two saving behaviours. An analysis of structural differences between EU-15 and CEE households

The aim of the article is to examine structural differences in household saving behaviour across European countries, arguing that European integration has not led to convergence in saving patterns. Using data from 27 EU Member States (1996–2023), it compares the EU-15 with post-2004 members through Lasso variable selection and fixed-effects panel models. By combining machine learning-based variable selection with panel regression, the study offers a novel analytical perspective on the determinants of household savings. The findings reveal significant structural differences between the two groups: taxation and monetary freedom show stronger associations with household saving in post-2004 member states, whereas education-related factors are more prominent in the EU15. These results suggest that policies should strengthen precautionary saving mechanisms and promote financial education to encourage household saving.