Financial literacy and retirement planning: the Russian case

Klapper, L. and Panos, G. A. (2011) Financial literacy and retirement planning: the Russian case. Journal of Pension Economics and Finance, 10(4), pp. 599-618. (doi:10.1017/S1474747211000503)

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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.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Panos, Professor Georgios
Authors: Klapper, L., and Panos, G. A.
College/School:College of Social Sciences > Adam Smith Business School > Accounting and Finance
Journal Name:Journal of Pension Economics and Finance
Publisher:Cambridge University Press
ISSN:1474-7472
ISSN (Online):1475-3022

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