IDEAS home Printed from https://ideas.repec.org/a/bkr/journl/v84y2025i3p115-136.html
   My bibliography  Save this article

Financial Literacy and Pension Strategies: Evidence from Russia

Author

Listed:
  • Artem Abduramanov

    (HSE University)

Abstract

The global issue of population ageing affects the financial capabilities of solidarity pension systems to provide an acceptable level of pension payments. To maintain their standard of living in old age, people need to ensure additional sources of income in advance. The study analyses which pension strategies are more frequently chosen by financially literate Russians. Based on panel data from the All-Russian Survey of Consumer Finance for four waves (2018, 2020, 2022, and 2024) and a fixed effects model, no relation was found between financial literacy and the strategy of forming savings in non-governmental pension funds. Financially literate respondents are more likely to rely on personal savings and continue working after retirement as well as to diversify their pension strategies more often. The results are robust to changes in model specification (set of variables, types of regressions, size, and composition of samples).

Suggested Citation

  • Artem Abduramanov, 2025. "Financial Literacy and Pension Strategies: Evidence from Russia," Russian Journal of Money and Finance, Bank of Russia, vol. 84(3), pages 115-136, September.
    • Handle: RePEc:bkr:journl:v:84:y:2025:i:3:p:115-136
    as

    Download full text from publisher

    File URL: https://rjmf.econs.online/upload/documents/RJMF-84-3-Pension-Strategies.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bkr:journl:v:84:y:2025:i:3:p:115-136. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Olga Kuvshinova (email available below). General contact details of provider: https://edirc.repec.org/data/cbrgvru.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.