Financial Literacy and Retirement Planning : The Russian Case
The authors examine the association of financial literacy with retirement planning in Russia, a country with a relatively old and rapidly aging population, large regional disparities, and a rapidly emerging financial market. They find that only 36....
| Main Authors: | , |
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| Format: | Policy Research Working Paper |
| Language: | English |
| Published: |
2012
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| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111004160352 http://hdl.handle.net/10986/3591 |
| Summary: | The authors examine the association of
financial literacy with retirement planning in Russia, a
country with a relatively old and rapidly aging population,
large regional disparities, and a rapidly emerging financial
market. They find that only 36.3 percent of respondents in
the sample understand interest compounding and only half can
answer a simple question about inflation. In a country with
widespread public pension provisions, they find that
financial literacy is significantly and positively related
to retirement planning involving private pension funds and
schemes. Thus, along with encouraging the availability of
private retirement plans, efforts to improve financial
literacy could be pivotal to the expansion of the use of
such schemes. |
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