Financing Problems as a Pretext for a Change in the Spanish Social Security System Model: The Role of Financial Institutions and Their Media

Abstract

This study summarizes the traditional characteristics of the Spanish Social Security System (generally taken from the European model), the different legal reforms that have come into force in recent years and the degree of penetration of important financial groups in the mass media which increased with the last financial crisis as well as the role developed by the insurance and financial entities benefiting from the change of model. The conclusion is that we are at the beginning of an interesting change in the Social Security model, aimed at the capitalization of social contributions by the private sector, which will obtain significant economic benefits in the management of old-age risk.