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Financial literacy and retirement planning: the Russian case*

  • LEORA KLAPPER (a1) and GEORGIOS A. PANOS (a2)
Abstract
Abstract

We examine the relationship between financial literacy and retirement planning in Russia, a country with a relatively old and rapidly ageing population, large regional disparities, and emerging financial markets. We find that only 36% of respondents in our sample understand interest compounding and only half can answer a simple question about inflation. In a country with widespread public pension provisions, we find that financial literacy is significantly and positively related to retirement planning involving private pension funds. Thus, along with encouraging the availability of private retirement plans, efforts to improve financial literacy can be pivotal to the expansion of the use of such funds.

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N. S. Gavrilova and L. A. Gavrilov (2009) Rapidly changing population: Russia/Eastern Europe. In P. Uhlenberg (ed.), International Handbook of Population Aging. Chapter 6. New York, NY: Springer Science and Business Media B. V., pp. 113131.

A. Lusardi and O. S. Mitchell (2007) Baby boomer retirement security: the role of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54: 205224.

A. Lusardi and O. S. Mitchell (2011) Financial literacy and planning: implications for retirement wellbeing. In Annamaria Lusardi and Olivia S. Mitchell (eds), Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford: Oxford University Press, forthcoming.

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Journal of Pension Economics & Finance
  • ISSN: 1474-7472
  • EISSN: 1475-3022
  • URL: /core/journals/journal-of-pension-economics-and-finance
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