Improvement of Russian Pension Fund Scheme: Financial Priorities in Using Population's Incomes and Savings
Improvement of Russian Pension Fund Scheme: Financial Priorities in Using Population's Incomes and Savings

Summary/Abstract: At the present stage of socioeconomic development of Russia, the problems of citizens' pension security become more and more critical. In modern conditions there is no possibility to allow any social dependency, so, the new financial relationships contributing to integrate State and population's financial resources constitute a special science attraction. The primary aim of our study was to assess the real potential of the pension fund of Russia and analyze the expectations and behavior of Russians regarding their expenditures and savings. A special attention was paid to assessing the dynamics of population's income and attitude to the main financial institutions. The obtained results can be used to develop the tools which would help to increase citizens’ activity in the sphere of co-financing of their retirement benefits. The final image of the forthcoming pension reform should be formed following a sufficient raise of the financial literacy of citizens and development of an effective informational analytic mechanism able to guide the participants of pension co-financing system.

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