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Retirement Preparedness in Turkey and the Need for Personal Financial Planning

Author

Listed:
  • Suna Ozyuksel

    (Istanbul Commerce University, Turkey)

  • Umut Gunay

    (Istanbul Commerce University, Turkey)

Abstract

Turkey’s social security system faces many challenges including an increasing average life expectancy, an ageing population, low insured/pensioner rates, and low savings rates. As a result, the Turkish pension system will likely come under significant pressure. The aim of this study is to highlight these challenges in order to raise awareness, and prompt action by policymakers and financial institutions alike. Also, in order to make a proposal, this study is aimed at understanding people’s expectations and anticipations related to retirement, their current savings and investment habits and their willingness to work with a Personal Financial Planner. Thus, a survey was conducted by the method of judgment sampling. From the results, it is evident that even those, who are highly educated and among the most informed on retirement matters in Turkey, have the need to work with a Personal Financial Planner for saving and investment decisions they are to make and execute, especially with respect to retirement.

Suggested Citation

  • Suna Ozyuksel & Umut Gunay, 2019. "Retirement Preparedness in Turkey and the Need for Personal Financial Planning," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 7(1), pages 15-35.
    • Handle: RePEc:ejn:ejefjr:v:7:y:2019:i:1:p:15-35
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    Citations

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    Cited by:

    1. Vieira, Kelmara Mendes & Rosenblum, Tamara Otilia Amaral & Matheis, Taiane Keila, 2022. "And tomorrow, how will it be? Developing a Financial Preparation for Retirement Scale (FPRS)," Journal of Behavioral and Experimental Finance, Elsevier, vol. 35(C).
    2. Violeta-Monica Radu & Mariana Pipirigeanu & György Deak & Petra Ionescu, 2019. "Statistical Evaluation of the Energy, Economic and Social Potential from Renewable Sources in Romania," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 7(3), pages 44-51.

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