Financial literacy and retirement planning: the Russian case*

By L. Klapper, Georgios A. Panos. Journal of Pension Economics and Finance, 2011

259 citations recorded by the source corpus.

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.

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Citations in the corpus

Financial literacy and financial behavior: Evidence from the emerging Asian middle class (2018, unknown): “At the same time, studies in developing countries confirm that better financial literacy is positively related to retirement planning (Klapper and Panos, 2011), to greater participation in financial markets, to greater use of formal sources of borrowing (Klapper et al.”
How Financially Literate Are Women? An Overview and New Insights (2017, background): “Klapper and Panos (2011) and Beckmann (2013) report no pronounced gender difference in the proportion of correct responses to the financial literacy questions in Russia and Romania, two other former socialist countries, respectively.”
Financial Literacy and Retirement Planning in Australia (2013, result): “The positive but low correlations are consistent with Lusardi and Mitchell’s (2011b) findings.”
The Economic Importance of Financial Literacy: Theory and Evidence (2014, unknown): “…replicated in most of the countries covered in matters most is advanced financial knowledge (for example, risk diversification) and the capacity to do calculations (Lusardi and Mitchell 2011d; Alessie, van Rooij, and Lusardi 2011; Fornero and Monticone 2011; Klapper and Panos 2011; Sekita 2011).”
Financial Literacy and the Financial Crisis (2012, unknown): “…average level of financial literacy reduces the likelihood of experiencing low levels of spending capacity by 8.5–10%, depending on the 17 Similarly, Klapper and Panos (2011) find that financial literacy is positively related to participating in private and public retirement plans and negatively…”
Financial literacy and its consequences: Evidence from Russia during the financial crisis (2013, methodology): “6 Summary statistics by gender, age, and education (% with secondary degrees) are which includes Russia (Klapper and Panos, 2011).2 Financial literacy is found to affect not only the assets side but also the liability side of households’ balance sheet.”
Financial literacy and fraud detection* (2019, unknown): “…better at engaging in day-to-day ﬁnancial management activities such as retirement planning and wealth accumulation (Lusardi & Mitchell, 2007a,b, 2011; Klapper & Panos, 2011), more likely to participate in ﬁnancial markets (Van Rooij et al., 2011; Yoong, 2011; Balloch et al., 2015) and better…”
Financial Literacy and Retirement Planning in Switzerland (2013, background): “We further confirm the relationship between financial literacy and age documented by Crossan et al. (2011) for New Zealand, Fornero and Monticone (2011) for Italy, Klapper and Panos (2011) for Russia, and Lusardi and Mitchell (2011a) for the United States.”
Financial literacy: A systematic review and bibliometric analysis (2020, unknown): “Various studies confirm the causality between financial literacy and planning for post-retirement years (Bucher-Koenen & Lusardi, 2011; Klapper & Panos, 2011; Van Rooij et al., 2011b).”