engleski

THE FUTURE OF RETIREMENT: RETIREMENT LITERACY AND FINANCIAL BEHAVIOR OF TEACHERS POPULATION IN THE SLAVONIA REGION

For today's workers, the process of aging will be different than for previous generations. Social contracts among governments, employers, and individuals are central to retirement systems around the world. Today, throughout their lifetime, individuals are more responsible for their personal finances than ever before. Financial markets are rapidly changing with developments in technology and new and more complex financial products. Skills are becoming more critical and it is important to understand whether people are equipped to effectively navigate the maze of financial decisions that they face every day. Generous social security benefit defined benifit pension plans are diminishing, as life expectancies and the need for self- funded retirement savings are increasing. In this paper the author presents the results of the research conducted in the region of Slavonia related to retirement literacy and undarstanding of financial behaviour of the population of teachers that work in schools. The questionnaire was based on the Big Three financial and retirement literacy measurement and of The Aegon Retirement Readiness Survey. The goal of the research is to compare the results to similar researches and to find out financial understanding and the need of organizing retirement literacy education for teachers’ population in the region of Slavonia.

pension literacy, financial literacy, retirement planning, teachers

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