The results of the annual independent sociological study, which determined the level of financial literacy of the population in the field of pension provision, are summed up.
The studies were carried out by the Center for Strategic Studies, using the method of mass questionnaire survey of the urban and rural population of 14 regions of Kazakhstan and 3 cities of republican significance. A total of 3,000 respondents were interviewed, including hired workers, self-employed and unemployed. It should be noted that the majority of respondents (899 or 29.97% of the total number of respondents) were those engaged in commercial business. Further, those who are engaged in the manufacturing business turned out to be by a large margin - 386 respondents or 12.87% of the total number of respondents. The third significant group among the respondents was agricultural workers - 368 people, or 12.27%. The smallest number 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 of the research questionnaire consisted of 24 questions aimed at identifying the financial literacy of the population of Kazakhstan in the field of pension provision.
The survey results 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, it was necessary to answer a number of questions. In particular, who is the operator of the funded pension system; UAPF functions; what types of pension contributions and pension payments are, etc.
For almost all questions of assessing the basic level of knowledge, an increase in the share of correct answers was observed.
Thus, the share of true answers about types of pension payments increased from 37% to 45%, the share of true answers about types of pension contributions also increased from 74% to 77%, about UAPF functions - from 52% to 79%, about who is the operator funded pension system - from 60% to 64%.
And only the question of retirement age becomes more and more difficult for respondents every year. So, in 2017 - when the retirement age for women was 58 years old, for men - 63 years old - the share of correct answers was 80%. Starting in 2018, the retirement age for women rises by 0.5 years annually until it reaches 63 years in 2023. In connection with these changes, in 2018 the share of correct answers about the retirement age decreased to 78%, in 2019 - to 53%.
To assess the advanced level, the questions were more complicated: which organization invests pension savings, questions regarding investment income, pension annuity, guarantee of the safety of pension savings, taxation in a funded pension system, etc.
Thus, the share of correct answers to the question about the organization that invests pension savings increased from 15% to 30%, that pension savings are invested in various financial instruments and are multiplied by investment income - from 35% to 38%, on pension taxation Payments from 22 to 28%.
The results of the survey showed that the majority of respondents are aware of the main functions of the UAPF, which indicates a common understanding of the role of the UAPF for the funded 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. So answered 1,437 respondents, or 47.9% of the total number of respondents. The second most important, according to respondents, is the state pension - 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 UAPF website and fund service offices. In percentage terms, the first method is relevant for 29% of respondents, the second for 23.8%. In third place among sources of information is the receipt of information from acquaintances 12.6%. An equally popular source of information is the ENPF mobile application, with its help 9.2% of respondents learn about the work of the fund.
The study also identified topics that require further clarification to the public. These are, for example, issues such as the main purpose of pension savings, their investment and guarantee of safety, the ability to forecast their retirement, the size and terms of payment of voluntary pension contributions, the payment of mandatory pension contributions as part of a single aggregate payment.
The findings of the study will be taken into account during the implementation of strategic objectives for outreach among the population of Kazakhstan on the pension system as a whole.