Financial Literacy and Retirement Planning in View of a Growing Youth Demographic: The Russian Case

Our study contributes to the financial literacy literature by examining its association with retirement planning in an interesting and novel context, i.e. that of a country with a relatively old and rapidly ageing population, large regional disparities and a rapidly emerging financial market. Even though consumer borrowing is increasing very rapidly in Russia, we find that only 36.3% of respondents in our sample know about the working of interest compounding and only half can answer a simple question about inflation. In a country with pervasive public pension provision, we find that financial literacy is significantly and positively related to retirement planning using private pension funds and schemes. Residents in rural areas are much more reliant on the public provision and invest less in private schemes and savings. The results of our study have a clear policy implication; along with encouraging the availability of private retirement plans and financial products, efforts to improve financial literacy can be pivotal to the expansion in the use of such schemes

Financial literacy and retirement planning : the Russian case

The authors examine the association of financial literacy with retirement planning in Russia, a country with a relatively old and rapidly aging population, large regional disparities, and a rapidly emerging financial market. They find that only 36.3 percent of respondents in the sample understand interest compounding and only half can answer a simple question about inflation. In a country with widespread public pension provisions, they find that financial literacy is significantly and positively related to retirement planning involving private pension funds and schemes. Thus, along with encouraging the availability of private retirement plans, efforts to improve financial literacy could be pivotal to the expansion of the use of such schemes.Financial Literacy,Pensions&Retirement Systems,Emerging Markets,Debt Markets,Gender and Law

Financial literacy and the financial crisis

The ability of consumers to make informed financial decisions improves their chances of having sound personal finance. This paper uses a panel dataset from Russia, where consumer loans grew at an astounding rate -- from about US$10 billion in 2003 to over US$170 billion in 2008 -- to examine the importance of financial literacy and its relationship with behavior. The survey asked questions on financial literacy, consumer borrowing (formal and informal), and spending behavior. The paper studies the consequences of greater financial literacy on the use of financial products and financial planning. Even though consumer borrowing rose rapidly in Russia, only 41 percent of the survey respondents understood how interest compounding worked and only 46 percent could answer a simple question about inflation. Financial literacy is positively related to participation in financial markets and negatively related to the use of informal sources of borrowing. Individuals with higher rates of financial literacy are significantly more likely to report having more unspent income at the end of the month and higher spending capacity. The relationship between financial literacy and the availability of unspent income is more evident during the financial crisis, suggesting that better financial literacy may better equip individuals to deal with macroeconomic shocks.Financial Literacy,Access to Finance,Access&Equity in Basic Education,Education For All,Debt Markets

Entrepreneurship in post-conflict transition : the role of informality and access to finance

The authors examine the factors affecting the transition to self-employment in Bosnia and Herzegovina, using the World Bank Living Standard Measurement Survey panel household survey for the years 2001-2004. In the beginning of the sample, the country changed its legal framework, with the primary aim to promote labor market flexibility and to encourage entrepreneurial activity. The analysis identifies individuals that switched to self-employment (employers and own account) during the sample period and the viability of this transition, in terms of business survival for more than one year. The results suggest an important role for financing constraints. Specifically, wealthier households are more likely to become entrepreneurs and survive in self-employment. After controlling for household wealth, having an existing bank relationship increases the likelihood of starting a business with hired employees and increases the chances of survival for the new entrepreneur. By contrast, overseas - and in some cases domestic - remittances decrease the likelihood of becoming an entrepreneur.Access to Finance,Labor Markets,,Banks&Banking Reform,Labor Policies

Fundamental investigation of losses of skeletal mineral in young adult human males and collaterally in young adult male pigtail monkeys /macacus nemestrima/ through immobilization for varying periods of time, coupled with a study of methods of preven

Skeletal mineral losses in young adult humans and monkeys resulting from immobilizatio

Determinants of Saving for Old Age around the World

Countries around the world face a retirement crisis brought on by ageing populations, declining birthrates, and fiscal shortfalls. As a result, policymakers increasingly seek to understand retirement savings patterns—a crucial component of the safety net for the elderly. Drawing on the 2014 Global Findex database, which provides individual-level data on the use of financial products in more than 140 countries, we examine how adults save for old age. We find that about 25% of adults worldwide save for old age, with rates exceeding 35% in high-income OECD economies and the East Asia and Pacific region. On average, men are slightly more likely than women to save for this purpose, but the gender gap is deeper in developing countries. Worldwide, saving for old age is more common among older adults, more educated adults, and adults who own accounts. Adults in countries with English or German legal origin, and with high savings rates, are also more likely to save for old age. We also find that measures to increase trust in the financial system—such as deposit insurance—lead to higher rates of saving for old age. Finally, we find no evidence of substitution between pension system provisions and contribution rates with saving for old age

Single, dual and multiple respiratory virus infections and risk of hospitalization and mortality

Respiratory virus infections cause a significant number of hospitalization and deaths globally. This study investigated the association between single and multiple respiratory virus infections and risk of admission to a general ward, intensive care unit or death in patients aged 0–105 years (mean ± s.d. = 24·4 ± 24·1 years), from North West England, that were tested for respiratory virus infections between January 2007 and June 2012. The majority of infections were in children aged ⩽5 years. Dual or multiple infections occurred in 10·4% (1214/11 715) of patients, whereas single infection occurred in 89·6% (10 501/11 715). Rhinovirus was the most common co-infecting virus (occurring in 69·5%; 844/1214 of co-infections). In a multivariate logistic regression model, multiple infections were associated with an increased risk of admission to a general ward [odds ratio (OR) 1·43, 95% confidence interval (CI) 1·2–1·7, P < 0·0001]. On the other hand, patients with respiratory syncytial virus (RSV) and human parainfluenza virus types 1–3 (hPIV1–3), as a single infection, had a higher risk of being admitted to a general ward (OR 1·49, 95% CI 1·28–1·73, P < 0·0001 and OR 1·34, 95% CI 1·003–1·8, P = 0·05, respectively); admitted to an intensive-care unit or dying (OR 1·5, 95% CI 1·20–2·0, P = 0·001 and OR 1·60, 95% CI 1·02–2·40, P = 0·04, respectively). This result emphasizes the importance of RSV, hPIV and mixed infections and calls for research on vaccines, drugs and diagnostic tests targeting these respiratory viruses

Motivating People with Chronic Pain to do Physical Activity: Opportunities for Technology Design

Physical activity is important for improving quality of life in people with chronic pain. However, actual or anticipated pain exacerbation, and lack of confidence when doing physical activity, make it difficult to maintain and build towards long-term activity goals. Research guiding the design of interactive technology to motivate and support physical activity in people with chronic pain is lacking. We conducted studies with: (1) people with chronic pain, to understand how they maintained and increased physical activity in daily life and what factors deterred them; and (2) pain-specialist physiotherapists, to understand how they supported people with chronic pain. Building on this understanding, we investigated the use of auditory feedback to address some of the psychological barriers and needs identified and to increase self-efficacy, motivation and confidence in physical activity. We conclude by discussing further design opportunities based on the overall findings

Accurate laboratory rest frequencies of vibrationally excited CO up to varv=3varv = 3 and up to 2 THz

Astronomical observations of (sub)millimeter wavelength pure rotational emission lines of the second most abundant molecule in the Universe, CO, hold the promise of probing regions of high temperature and density in the innermost parts of circumstellar envelopes. The rotational spectrum of vibrationally excited CO up to \varv = 3 has been measured in the laboratory between 220 and 1940 GHz with relative accuracies up to $5.2 \times 10^{-9}$, corresponding to $\sim 5$ kHz near 1 THz. The rotational constant $B$ and the quartic distortion parameter $D$ have been determined with high accuracy and even the sextic distortion term $H$ was determined quite well for \varv = 1 while reasonable estimates of $H$ were obtained for \varv = 2 and 3. The present data set allows for the prediction of accurate rest frequencies of vibrationally excited CO well beyond 2 THz.Comment: Astron. Astrophys, accepted; 5 pages, 2 Figures, 2 Table