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

摘要

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.