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Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Financial literacy and retirement planning: the Russian case
Authors: Klapper, Leora
Panos, Georgios
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Keywords: Financial literacy
retirement planning
Issue Date: Oct-2011
Publisher: Cambridge University Press for the International Organisation of Pension Supervisors and the Organisation for Economic Co-operation and Development
Citation: Klapper L & Panos G (2011) Financial literacy and retirement planning: the Russian case, Journal of Pension Economics and Finance, 10 (4), pp. 599-618.
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.
Type: Journal Article
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Rights: Publisher policy allows this work to be made available in this repository. Published in Journal of Pension Economics and Finance / Volume 10 / Issue 04 / October 2011, pp 599-618 Copyright © Cambridge University Press 2011. The original publication is available at
Affiliation: The World Bank

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