Financial Literacy and Retirement Planning: The Russian Case
Leora F. Klapper
Georgios A. Panos
University of Stirling - Economics Division - Stirling Management School
October 1, 2011
World Bank Policy Research Working Paper No. 5827
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.
Number of Pages in PDF File: 24
Keywords: Financial Literacy, Pensions & Retirement Systems, Emerging Markets, Debt Markets, Gender and Lawworking papers series
Date posted: October 5, 2011
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo6 in 0.390 seconds