Financial literacy and retirement planning : the Russian case
AbstractThe 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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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 5827.
Date of creation: 01 Oct 2011
Date of revision:
Financial Literacy; Pensions&Retirement Systems; Emerging Markets; Debt Markets; Gender and Law;
Other versions of this item:
- Klapper, Leora & Panos, Georgios A., 2011. "Financial literacy and retirement planning: the Russian case," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(04), pages 599-618, October.
- NEP-AGE-2011-10-15 (Economics of Ageing)
- NEP-ALL-2011-10-15 (All new papers)
- NEP-CIS-2011-10-15 (Confederation of Independent States)
- NEP-TRA-2011-10-15 (Transition Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David Hauner, 2008. "Macroeconomic Effects of Pension Reform in Russia," IMF Working Papers 08/201, International Monetary Fund.
- Christopher B. Bumcrot & Judy Lin & Annamaria Lusardi, 2011. "The Geography of Financial Literacy," Working Papers 893, RAND Corporation Publications Department.
- Leora F. Klapper & Annamaria Lusardi & Georgios A. Panos, 2012.
"Financial Literacy and the Financial Crisis,"
NBER Working Papers
17930, National Bureau of Economic Research, Inc.
- Annamaria Lusardi, 2012. "Numeracy, financial literacy, and financial decision-making," NBER Working Papers 17821, National Bureau of Economic Research, Inc.
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