Leora Klapper|Georgios A. Panos
Financial Literacy and Retirement Planning in View of a Growing Youth Demographic: The Russian Case
World Bank Group|Adam Smith Institute|University of Glasgow
study contributes financial literacy literature examining association retirement planning interesting novel context ie country relatively old rapidly ageing population large regional disparities rapidly emerging financial market even though consumer borrowing increasing rapidly russia find 363 respondents sample know working interest compounding half answer simple question inflation country pervasive public pension provision find financial literacy significantly positively related retirement planning using private pension funds schemes residents rural areas much reliant public provision invest less private schemes savings results study clear policy implication along encouraging availability private retirement plans financial products efforts improve financial literacy pivotal expansion use schemes