INFORMATION MESSAGE
The level of knowledge of Kazakhstanis about the pension system has increased
The results of an annual independent sociological study that determined the level of financial literacy of the population in the field of pension provision have been summarized.
The research was conducted by the "center for strategic research", using a mass questionnaire survey of urban and rural population of 14 regions of Kazakhstan and 3 cities of national significance. A total of 3,000 respondents were interviewed, including employees, the self-employed and the unemployed. It should be noted that most of the respondents (899 or 29.97% of the total number of respondents) were engaged in commercial business. Next with a large margin were those who are engaged in the manufacturing business – 386 respondents or 12.87% of the total number of respondents. The third significant group of respondents were agricultural workers-368 people or 12.27 %. The least of all were those who are engaged in the field of science – 30 respondents or 2.87% of the total number of respondents consider themselves to be in this field of activity.
The main block of questions in the survey questionnaire consisted of 24 questions aimed at identifying the financial literacy of the population of Kazakhstan in the field of pension provision.
The results of the survey showed that the level of awareness of the population about the funded pension system has increased.
The basic level of financial literacy was 63.4% (the previous indicator for 2018 was 60.2%, for 2017 58.2%).
The advanced level of financial literacy was 26.9% of respondents (25.3% in 2018, 24.7% in 2017).
As we see from year to year, there is a gradual increase in the level of knowledge and financial literacy of the population.
To confirm the basic level, a number of questions had to be answered. In particular, who is the operator of the accumulative pension system; the functions of the UAPF; what are the types of pension contributions and pension payments, etc.
There was an increase in the percentage of correct answers for almost all questions of basic knowledge assessment.
Thus, the proportion of correct answers on the types of pension payments increased from 37% to 45%, the proportion of correct answers on the types of pension contributions have also increased from 74% to 77%, the functions UPSF - from 52% to 79% of who is the operator of funded pension system from 60% to 64%.
And only the question of retirement age becomes more difficult for respondents every year. So, in 2017 – when the retirement age for women was 58 years, for men-63 years – the percentage of correct answers was 80%. Starting in 2018, the retirement age for women rises by 0.5 years annually until reaching the 63-year mark in 2023. Due to these changes, the percentage of correct answers about retirement age decreased to 78% in 2018, and to 53% in 2019.
To assess the advanced level, the questions were more complex: which organization invests pension savings, questions about investment income, pension annuities, guarantees of safety of pension savings, taxation in the accumulative pension system, etc.
Thus, the percentage of correct answers to the question about an organization that invests pension savings increased from 15% to 30%, that pension savings are invested in various financial instruments and multiplied by investment income - from 35% to 38%, about the taxation of pension payments from 22 to 28%.
The results of the survey showed that most of the respondents are aware of the main functions of the UAPF, which indicates a General understanding of the role of the UAPF for the accumulative pension system, and most of the population is of the opinion that the main source of their financial well-being will be pension savings from the UAPF. This was the response of 1,437 respondents, or 47.9 % of the total number of respondents. The second most important, according to respondents, is a pension from the state – 23.63%, but only 11.57% of the total number of respondents count on other savings.
It is also important that the main source of information about the funded pension system for respondents is the official website of the UAPF and the Fund's service offices. As a percentage, the first method is relevant for 29% of respondents, and the second for 23.8%. In third place among sources of information is receiving information from acquaintances 12.6%. An equally popular source of information is the ENPF mobile app, which is used by 9.2% of respondents to find out about the Fund's work.
The study also identified topics that require additional explanation to the population. These are, for example, issues such as the main purpose of pension savings, their investment and safety guarantee, the ability to forecast your pension, the amount and conditions for paying voluntary pension contributions, and the payment of mandatory pension contributions as part of a single aggregate payment.
The findings of the study will be taken into account in the implementation of strategic tasks for awareness - raising among the population of Kazakhstan about the pension system as a whole.
UAPF was established on August 22, 2013 on the basis of JSC " NPF "GNPF". The founder and shareholder of UAPF is the Government of the Republic of Kazakhstan represented by the state property and privatization Committee of the Ministry of Finance of the Republic of Kazakhstan. The national Bank of the Republic of Kazakhstan provides trust management of pension assets of the UAPF. Since January 1, 2016, the functions of developing proposals for improving the efficiency of pension assets management have been transferred to the National Fund management Council. In accordance with the pension legislation, the UAPF attracts mandatory pension contributions, mandatory professional pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, and provides the depositor (recipient) with information about the status of his / her pension savings (for more information, see www.enpf.kz)