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Attitudes of young workers towards the private pension system in Turkey

In: Youth Employment Insecurity and Pension Adequacy

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  • Müge Gülmez Korkmaz

Abstract

This chapter explores the attitudes of young workers towards the private pension system in Turkey. The chapter draws on a qualitative study that comprises 29 semi-structured interviews with working young people between the ages of 18 and 30 in two types of workplaces: municipalities and shopping centers. Using thematic analysis of interview data, the analysis finds that young workers are generally ill-informed about pensions and have a myopic attitude towards retirement. While the nudge, in the form of auto-enrolment, helped some young workers to stay in private plans, this research suggests that most of those who stayed in do not see private pension plans as long-term saving plans. The nudge, however, failed to keep most young workers in the private pension system. Current financial needs, preferring other saving mechanisms, a high retirement age, mistrust, and the state of the economy are reasons for their decision to opt out.

Suggested Citation

  • Müge Gülmez Korkmaz, 2023. "Attitudes of young workers towards the private pension system in Turkey," Chapters, in: Dirk Hofäcker & Kati Kuitto (ed.), Youth Employment Insecurity and Pension Adequacy, chapter 9, pages 145-161, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21336_9
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