Working class behavior and old age in late nineteenth and early twentieth century Netherlands: rational or irrational behavior?

Modigliani's Life Cycle Model has no explanatory value in regard to late nineteenth and early twentieth century saving behavior in the Netherlands because many people had to survive on extremely low incomes. However, this does not mean that Dutch working-class people at the turn of the century never made any savings. From an international perspective they made considerable short-term savings, through funeral assurance companies, industrial life companies and saving banks.