Panos, Georgios A.Klapper, Leora2012-03-192012-03-192011-10-01https://hdl.handle.net/10986/3591The 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.CC BY 3.0 IGOACCOUNTINGADDITIONAL PENSIONAGING POPULATIONAVERAGE PENSIONAVERAGE WAGEBANK ACCOUNTBANK LOANSBANKING RELATIONSHIPSBANKING SYSTEMBORROWINGBUSINESS SCHOOLCAPITAL FORMATIONCHECKSCONSUMERCONSUMER CREDITCONSUMER DEBTCONSUMER LOANSCONTRIBUTIONCURRICULUMDEMOGRAPHICDIVERSIFICATIONDUMMY VARIABLEDUMMY VARIABLESEARLY RETIREMENTSEARNINGSEDUCATED INDIVIDUALSELDERLYEMERGING MARKETSEMPLOYEEEMPLOYEE BENEFITEMPLOYEE BENEFIT FUNDSEXPOSUREFEMALEFEMALESFINANCIAL ASSISTANCEFINANCIAL CRISISFINANCIAL EDUCATIONFINANCIAL LITERACYFINANCIAL LITERACY EDUCATIONFINANCIAL LITERACY SURVEYSFINANCIAL MARKETFINANCIAL MARKETPLACEFINANCIAL PRODUCTSFINANCIAL SKILLSFINANCIAL STABILITYFUNDED COMPONENTGENDERGENDERSGOVERNMENT INTERVENTIONGROSS INCOMEHOMEHOUSEHOLD SAVINGSINCOMEINCOME REPLACEMENTINCOME REPLACEMENT RATIOINCOME SHOCKINDIVIDUAL SAVINGINEQUALITIESINEQUALITYINFLATIONINSTRUMENTINSURANCEINTEREST RATEINTERNATIONAL BANKINVESTINGINVESTMENT ASSETLEVEL OF KNOWLEDGELIVING STANDARDSLOCAL NEWSPAPERSMONTHLY INCOMEMORTALITYMORTGAGESNEGATIVE INCOME SHOCKPENSION EXPENDITURESPENSION FUNDPENSION PLANNINGPENSION PROVISIONPENSION PROVISIONSPENSION REFORMPENSION REFORMSPENSION SCHEMESPENSION SYSTEMPENSIONERPENSIONERSPENSIONSPRIVATE FUNDSPRIVATE PENSIONPRIVATE PENSION FUNDPRIVATE PENSION FUNDSPRIVATE PENSION PLANSPRIVATE PENSIONSPRIVATE SECTOR DEVELOPMENTPRIVATIZATIONPROBABILITYPUBLIC FUNDSPUBLIC PENSIONPUBLIC PENSIONSPUBLIC POLICYREGRESSION ANALYSESRESEARCH ASSISTANCERETIREDRETIREMENTRETIREMENT AGERETIREMENT FUNDRETIREMENT FUNDSRETIREMENT PLANNINGRETIREMENT PLANSRETIREMENT SECURITYRISK DIVERSIFICATIONRULE OF LAWSAVING BEHAVIORSSAVINGSSECONDARY EDUCATIONTAXTAX POLICYTYPES OF PENSIONUNEMPLOYMENTUNEMPLOYMENT RATEVALUABLEWAGEWILLWorld Bank10.1596/1813-9450-5827