Attitude of Russians Toward the Pension System and Pension Funds: Some Leading Trends

DOI

10.2991/assehr.k.200526.006How to use a DOI?

Keywords

pension systems, pension funds, leadership, state support

Abstract

In the Russian Federation, the pension system is undergoing some serious changes: freeze the pension in 2013, raising the retirement age in 2018, guarantee an annual indexing of pensions in the draft amendments to the Constitution in 2020 – all these changes influence on the pension system, pension funds and their perception by citizens. Since the state pension still does not provide a replacement rate of 40%, and for Russians who receive twice the average income, in 2018 the replacement rate was 22%, and by 2050 it will reach only 31% - it would be logical to assume an increase in the popularity of non-state pension products, which has not yet occurred. To analyse the reasons for this situation, a number of hypotheses were analysed and a conclusion was made to confirm the theses about the dependence of the level of readiness of citizens to pension savings on such factors as income level, future orientation, financial literacy, a weak level of confidence in the pension system, dissatisfaction of some potential clients of non-government pension funds (hereinafter – NPF) with their current portfolio of products and conditions for them, as well as the availability of alternative sources of pension income.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Sergey Shershen
PY  - 2020
DA  - 2020/05/27
TI  - Attitude of Russians Toward the Pension System and Pension Funds: Some Leading Trends
BT  - Proceedings of the 6th International Conference on Social, economic, and academic leadership (ICSEAL-6-2019)
PB  - Atlantis Press
SP  - 37
EP  - 43
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.200526.006
DO  - 10.2991/assehr.k.200526.006
ID  - Shershen2020
ER  -