IMPACT OF FINANCIAL LITERACY ON PENSION PLANNING IN THE REPUBLIC OF KAZAKHSTAN

The purpose of the study is to assess the impact of the level of financial literacy of the population of Kazakhstan on the possibility of further pension planning.

Methodology. The research methods used were content analysis, aimed at studying the issues of financial literacy and pension planning, and also considered statistical indicators and state policy in the fi eld of pension planning.

Originality or value of the research. Financial literacy is one of the decisive factors in increasing the level of financial well-being and proper retirement planning. With economic growth slowing and inflation rising, one of the low indicators of financial literacy is the lack of retirement planning skills. For a more detailed understanding of the relationship between financial literacy and pension planning, the authors studied a number of data on the management of pension assets and the possibility of opening a pension annuity. The study's findings may be useful for further improving the effectiveness of government policies.

Research results. The results of the study indicate that pension asset management is inextricably linked with the level of financial literacy. The opportunity to receive lifetime pension payments using a pension annuity is extremely small and amounts to only 0,07 % of the total number of open pension accounts. To make maximum use of the pension annuity product, government support is needed to increase the level of financial literacy of the country's population.

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