Financial Literacy and Retirement Planning: The Russian Case

24 Pages Posted: 20 Apr 2016

See all articles by Leora F. Klapper

Leora F. Klapper

World Bank; World Bank - Development Research Group (DECRG)

Georgios A. Panos

University of Glasgow - Adam Smith Business School

Multiple version iconThere are 2 versions of this paper

Date Written: October 1, 2011

Abstract

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.

Keywords: Financial Literacy, Pensions & Retirement Systems, Emerging Markets, Debt Markets, Gender and Law

Suggested Citation

Klapper, Leora F. and Panos, Georgios A., Financial Literacy and Retirement Planning: The Russian Case (October 1, 2011). World Bank Policy Research Working Paper No. 5827, Available at SSRN: https://ssrn.com/abstract=1938906

Leora F. Klapper (Contact Author)

World Bank ( email )

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HOME PAGE: http://econ.worldbank.org/staff/lklapper

World Bank - Development Research Group (DECRG)

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Georgios A. Panos

University of Glasgow - Adam Smith Business School ( email )

Gilbert Scott Building
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Glasgow, Scotland G128QQ
United Kingdom

HOME PAGE: http://https://sites.google.com/site/georgiosapanos/

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