THE FUTURE OF RETIREMENT: RETIREMENT LITERACY AND FINANCIAL BEHAVIOR OF TEACHERS POPULATION IN THE SLAVONIA REGION
THE FUTURE OF RETIREMENT: RETIREMENT LITERACY AND FINANCIAL BEHAVIOR OF TEACHERS POPULATION IN THE SLAVONIA REGION

Author(s): Verica Jovanovski
Subject(s): Education, Geography, Regional studies, State/Government and Education, Evaluation research, Demography and human biology, Gerontology, Socio-Economic Research
Published by: Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku
Keywords: pension literacy; financial literacy; retirement planning; teachers;
Summary/Abstract: For today’s workers, the process of aging will differ from previous generations. Social contracts among governments, employers, and individuals are central to retirement systems around the world. Today, throughout their lifetime, individuals are more responsible for their finances than ever before. Financial markets are rapidly changing with developments in technology and new and more complex financial products. Skills are becoming more critical and it is important to understand whether people are equipped to effectively navigate the maze of financial decisions that they face every day. Generous defined social security benefit pension plans are diminishing, as life expectancy and the need for self-funded retirement savings are increasing. In this paper, the author presents the results of the research conducted in the region of Slavonia related to retirement literacy and understanding of the financial behavior of the population of teachers that work in schools. The questionnaire was based on the Big Three financial and retirement literacy measurement and The Aegon Retirement Readiness Survey. The goal of the research is to compare the results to similar research studies and to find out financial understanding and the need for organizing retirement literacy education for teachers’ population in the region of Slavonia.

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