Finansal Okuryazarlık Düzeyinin Bireysel Emeklilik Planlamasına Etkisi

Abstract

Purpose – The main objective of this study is to investigate the relationship between financial literacy and the individual pension system. Other objectives of the study are to examine the change in the level of financial literacy by demographic groups and to examine the relationship between individuals' financial attitudes and behaviors and their preference for participation in the individual pension system.

Design/data/methodology – To determine the level of financial literacy, a survey was conducted among 435 people in Trabzon based on the simple random sampling method. The survey included questions to determine demographic data, financial literacy levels, and financial attitudes and behaviors.

Findings – The study found a significant correlation between the level of financial literacy and the decision to participate in the individual pension system. It was found that the higher the level of financial knowledge of the participants, the higher the rate of participation in the private pension system. In addition, it was found that the level of financial literacy is lower among women, people working in non-public sectors, low-income groups and low levels of education.

Originality/value – This study shows how important the level of financial literacy is for the strategies that need to be developed to increase participation in individual pension system.