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Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler

Year 2017, Issue: 632, 27 - 37, 01.10.2017

Abstract

Bu çalışmanın amacı, Türkiye’de bireysel emeklilik sistemine giriş ve otomatik katılımdan cayma kararını etkileyen faktörleri ortaya koymaktır. 130 kişiden kolayda örnekleme ile elde edilen verinin lojistik regresyon yöntemiyle analiz edilmesi sonucu şu bulgulara ulaşılmıştır: Öncelikle, yaş ve gelir düzeyi arttıkça bir bireysel emeklilik planına dahil olma ihtmali artmaktadır. Şimdiki zaman odaklı olan bireylerin bir bireysel emeklilik planına dahil olma ihtimali daha düşük bulunmuştur. Ayrıca, iç kontrol odağına sahip kişilerin bireysel emeklilik planına dahil olma ihtimalleri daha yülsek bulunmuştur. Son olarak, kaçınmacı odak ve bireysel emeklilk sistemine dahil olma ihtimali arasında pozitif ve anlamlı bir ilişki olduğu görülmektedir. Otomatik katılımlı sistemde kalma ihtimalini tahmin eden lojistik regresyon modelinde ise sadece iki değişken anlamlı sonuç vermiştir. Şimdiki zaman odaklı bireylerin cayma ihtimalinin daha yüksek olduğu görülmektedir. Ayrıca hali hazırda isteğe bağlı bir bireysel emeklilik planı sahibi olan bireylerin sistemde kalma ihtimali diğerlerine göre 2.9 kat daha fazla bulunmuştur.

References

  • AGNEW, J., SZYKMAN, L., UTKUS, S., and YOUNG, J. 2009. “Literacy, Trust and 401(k) Savings Behavior”. Center for Retirement Research Working Paper 2007-10. Boston College.
  • ALTINTAŞ, K. M. 2009. “Belirlenmiş katkı esaslı emeklilik planlarında finansal eğitimin önemi: Katılımcıların finansal okuryazarlığı çerçevesinde alternatif bir yatırım eğitimi modeli”, ZKÜ Sosyal Bilimler Dergisi, 5(9), 151-176.
  • ANDREWS, E. S. 1992. “The Growth and Distribution of 401(k) Plans”. Trends in Pensions, Editörler: Turner, J., Beller, D. Washington, D.C.: U.S. Department of Labor.
  • AYDIN, A. E., & AKBEN-SELÇUK, E. 2016. Influences on a major consumer financial decision: private pension planning. Uluslararası İşletme ve Yönetim Dergisi, 4(2), 226-245.
  • BASSETT, W. F., FLEMING, M. J., RODRIGUES, A. P. 1998. “How Workers Use 401(k) Plans: The Participation, Contribution, and Withdrawal Decisions”, Federal Reserve Bank of New York Staff Report, 38 (March).
  • BERNHEIM, B. D., GARRETT, D. M. 2003. “The Effects Of Financial Education In The Workplace: Evidence From A Survey Of Households”, Journal of Public Economics, 87(7-8), 1487- 1519.
  • CHO, S. H., LOIBL, C. and GEISTFELD, L. 2014.“Motivation for emergency and retirement saving: an examination of Regulatory Focus Theory”, International Journal of Consumer Studies,Volume 38, Number 6, Pages 701-711.
  • COLE, S., SAMPSON, T., ZIA, B. 2011. “Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?”, The Journal of Finance, 66,1933–1967.
  • CUNNINGHAM, W. A., RAYE, C. L., & JOHNSON, M. K. 2005. Neural correlates of evaluation associated with promotion and prevention regulatory focus. Cognitive, Affective, & Behavioral Neuroscience, 5(2), 202-211.
  • Dünya Bankası. “Gross Savings”. http://data.worldbank.org/ indicator/NY.GNS.ICTR.ZS. EARL, Joanne K., BEDNALL, T.C., MURATORE, A. M. 2015.
  • “A Matter of Time: Why Some People Plan for Retirement and Others Do Not”, Work, Aging and Retirement, 1 (2): 181-189.
  • DOI: http://dx.doi.org/10.1093/workar/wau005. Emeklilik Gözetim Merkezi (EGM). “BES verileri”. http://www. egm.org.tr/?pid=351.
  • FORNERO, E., MONTICONE, C. 2011. “Financial literacy and pension plan participation in Italy”, Journal of Pension Economics and Finance, 10(04), 547-564.
  • FORNERO, E., MONTICONE, C. 2011. “Financial literacy and pension plan participation in Italy”, Journal of Pension Economics and Finance, 10(04), 547-564.
  • FÖRSTER, J., HIGGINS, E. T., and IDSON, L. C. 1998. “Approach and avoidance strength during goal attainment: regulatory focus and the “goal looms larger” effect”, Journal of personality and social psychology, Volume 75, Pages 1115 – 1131.
  • GRABLE, J. E., LYTTON, R. H. 1997. “Determinants of retirement savings plan participation: a discriminant analysis”, Personal Finances and Worker Productivity, 1, 184–189.
  • HERSHEY, D. A., MOWEN, J .C. 2000. “Psychological determinants of financial preparedness for retirement”, The Gerontologist, 40, 687–697.
  • HIGGINS, E. T. 1997. Beyond pleasure and pain. American psychologist, 52(12), 1280.
  • HIGGINS, E. T. 2000. “Does personality provide unique explanations for behaviour? Personality as cross-person variability in general principles”, European Journal of Personality, 14(5), 391-406.
  • HUBERMAN, G., IYENGAR, S. S., JIANG, W. 2007. “Defined Contribution Pension Plans: Determinants of Participation and Contributions Rates”, Journal of Financial Services Research, 31(1), 1-32.
  • JACOBS-LAWSON, J. M., HERSHEY, D. A. 2005.” Influence of future time perspective, financial knowledge, and financial risk tolerance on retirement saving behaviors”, Financial Services Review, 14, 331–344.
  • KLAPPER, L., PANOS, G. A. 2011. “Financial literacy and retirement planning: the Russian case”, Journal of Pension Economics and Finance, 10, 599-618.
  • KOPOSKO, Janet L., and HERSHEY, D. A. 2014. “Parental and Early Influences on Expectations of Financial Planning for Retirement.” Journal of Personal Finance, Volume 13, Number 2, Pages 17-27.
  • LIM, V. K., TEO, T. S., LOO, G. L.. 2003 “Sex, financial hardship and locus of control: an empirical study of attitudes towards money among Singaporean Chinese”, Personality and Individual Differences, Volume 34, Number 3, Pages 411-429.
  • LUSARDI, A. MITCHELL, O. 2009. “How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness” NBER Working Paper No. 15350. http://dx.doi.org/10.3386/w15350
  • LUSARDI, A., MITCHELL, O. 2007. “Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel”, Michigan Retirement Research Center Research Paper No. WP 2007-157. http://dx.doi.org/10.2139/ssrn.1095869
  • LUSARDI, A., MITCHELL, O. 2011. “Financial literacy and planning: Implications for retirement wellbeing”. Editörler: Lusardi, A., Mitchell, O. Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford: Oxford University Press.
  • MORGAN, L. A., ECKERT, J. K. 2004. “ Retirement financial preparation: Implications for policy”, Journal of aging and social policy, Volume 16, Number 2, Pages 19-34.
  • MUNNELL, A., SUNDEN, A., TAYLOR, C. 2002. “What determines 401(k) plan participation and contributions?”, Social Security Bulletin, 64(3), 64-75.
  • NAKIP, M. 2003. “Pazarlama Araştırmaları Teknikler ve SPSS Destekli Uygulamalar”. Ankara: Seçkin Kitabevi.
  • OKTAYER, N., OKTAYER, A. 2007. “Özel emeklilik fonlarının finansal piyasaların gelişimine etkileri”, Afyon Kocatepe Üniversitesi İİBF Dergisi, 9, 55-80.
  • ÖZEL, Ö, YALÇIN, C. 2013. “Yurtiçi Tasarruflar ve Bireysel Emeklilik Sistemi: Türkiye’deki Uygulamaya İlişkin Bir Değerlendirme”. Türkiye Cumhuriyeti Merkez Bankası Çalışma Tebliği No. 13/04
  • PERRY, V. G., MORRIS, M. D. 2005. “Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior”, Journal of Consumer Affairs, Volume 39, Number 2, Pages 299-313.
  • PLUNKETT, H. R., BUEHNER, M. J. 2007. “The relation of general and specific locus of control to intertemporal monetary choice”, Personality and Individual Differences, Volume 42, Number7, Pages1233-1242.

Factors Affecting Participation Decision in Private Pension Funds in Turkey

Year 2017, Issue: 632, 27 - 37, 01.10.2017

Abstract

The objective of this study is to investigate the factors affecting the participation decision in the private pension system and the opt-out decision from the automatic enrollment system. Using data obtained through convenience sampling from 130 participants, logistic regression results suggested the following: First, as age and income levels increase, the probability of being enrolled in a private pension plan also increases. Present oriented individuals are found to be less likely to participate in a private pension plan. In addition, people with internal locus of control are more likely to participate in the private pension system. Lastly, a positive and significant relationship is found between prevention focus and the likelihood of enrollment in the private pension system. In the logistic regression model predicting the likelihood of remaining in the automatic enrollment system, only two variables have been found to be statistically significant. Present oriented individuals are more likely opt out. In addition, those who already have an optional private pension plan are 2.9 times more likely to remain in the automatic enrollment system

References

  • AGNEW, J., SZYKMAN, L., UTKUS, S., and YOUNG, J. 2009. “Literacy, Trust and 401(k) Savings Behavior”. Center for Retirement Research Working Paper 2007-10. Boston College.
  • ALTINTAŞ, K. M. 2009. “Belirlenmiş katkı esaslı emeklilik planlarında finansal eğitimin önemi: Katılımcıların finansal okuryazarlığı çerçevesinde alternatif bir yatırım eğitimi modeli”, ZKÜ Sosyal Bilimler Dergisi, 5(9), 151-176.
  • ANDREWS, E. S. 1992. “The Growth and Distribution of 401(k) Plans”. Trends in Pensions, Editörler: Turner, J., Beller, D. Washington, D.C.: U.S. Department of Labor.
  • AYDIN, A. E., & AKBEN-SELÇUK, E. 2016. Influences on a major consumer financial decision: private pension planning. Uluslararası İşletme ve Yönetim Dergisi, 4(2), 226-245.
  • BASSETT, W. F., FLEMING, M. J., RODRIGUES, A. P. 1998. “How Workers Use 401(k) Plans: The Participation, Contribution, and Withdrawal Decisions”, Federal Reserve Bank of New York Staff Report, 38 (March).
  • BERNHEIM, B. D., GARRETT, D. M. 2003. “The Effects Of Financial Education In The Workplace: Evidence From A Survey Of Households”, Journal of Public Economics, 87(7-8), 1487- 1519.
  • CHO, S. H., LOIBL, C. and GEISTFELD, L. 2014.“Motivation for emergency and retirement saving: an examination of Regulatory Focus Theory”, International Journal of Consumer Studies,Volume 38, Number 6, Pages 701-711.
  • COLE, S., SAMPSON, T., ZIA, B. 2011. “Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?”, The Journal of Finance, 66,1933–1967.
  • CUNNINGHAM, W. A., RAYE, C. L., & JOHNSON, M. K. 2005. Neural correlates of evaluation associated with promotion and prevention regulatory focus. Cognitive, Affective, & Behavioral Neuroscience, 5(2), 202-211.
  • Dünya Bankası. “Gross Savings”. http://data.worldbank.org/ indicator/NY.GNS.ICTR.ZS. EARL, Joanne K., BEDNALL, T.C., MURATORE, A. M. 2015.
  • “A Matter of Time: Why Some People Plan for Retirement and Others Do Not”, Work, Aging and Retirement, 1 (2): 181-189.
  • DOI: http://dx.doi.org/10.1093/workar/wau005. Emeklilik Gözetim Merkezi (EGM). “BES verileri”. http://www. egm.org.tr/?pid=351.
  • FORNERO, E., MONTICONE, C. 2011. “Financial literacy and pension plan participation in Italy”, Journal of Pension Economics and Finance, 10(04), 547-564.
  • FORNERO, E., MONTICONE, C. 2011. “Financial literacy and pension plan participation in Italy”, Journal of Pension Economics and Finance, 10(04), 547-564.
  • FÖRSTER, J., HIGGINS, E. T., and IDSON, L. C. 1998. “Approach and avoidance strength during goal attainment: regulatory focus and the “goal looms larger” effect”, Journal of personality and social psychology, Volume 75, Pages 1115 – 1131.
  • GRABLE, J. E., LYTTON, R. H. 1997. “Determinants of retirement savings plan participation: a discriminant analysis”, Personal Finances and Worker Productivity, 1, 184–189.
  • HERSHEY, D. A., MOWEN, J .C. 2000. “Psychological determinants of financial preparedness for retirement”, The Gerontologist, 40, 687–697.
  • HIGGINS, E. T. 1997. Beyond pleasure and pain. American psychologist, 52(12), 1280.
  • HIGGINS, E. T. 2000. “Does personality provide unique explanations for behaviour? Personality as cross-person variability in general principles”, European Journal of Personality, 14(5), 391-406.
  • HUBERMAN, G., IYENGAR, S. S., JIANG, W. 2007. “Defined Contribution Pension Plans: Determinants of Participation and Contributions Rates”, Journal of Financial Services Research, 31(1), 1-32.
  • JACOBS-LAWSON, J. M., HERSHEY, D. A. 2005.” Influence of future time perspective, financial knowledge, and financial risk tolerance on retirement saving behaviors”, Financial Services Review, 14, 331–344.
  • KLAPPER, L., PANOS, G. A. 2011. “Financial literacy and retirement planning: the Russian case”, Journal of Pension Economics and Finance, 10, 599-618.
  • KOPOSKO, Janet L., and HERSHEY, D. A. 2014. “Parental and Early Influences on Expectations of Financial Planning for Retirement.” Journal of Personal Finance, Volume 13, Number 2, Pages 17-27.
  • LIM, V. K., TEO, T. S., LOO, G. L.. 2003 “Sex, financial hardship and locus of control: an empirical study of attitudes towards money among Singaporean Chinese”, Personality and Individual Differences, Volume 34, Number 3, Pages 411-429.
  • LUSARDI, A. MITCHELL, O. 2009. “How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness” NBER Working Paper No. 15350. http://dx.doi.org/10.3386/w15350
  • LUSARDI, A., MITCHELL, O. 2007. “Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel”, Michigan Retirement Research Center Research Paper No. WP 2007-157. http://dx.doi.org/10.2139/ssrn.1095869
  • LUSARDI, A., MITCHELL, O. 2011. “Financial literacy and planning: Implications for retirement wellbeing”. Editörler: Lusardi, A., Mitchell, O. Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford: Oxford University Press.
  • MORGAN, L. A., ECKERT, J. K. 2004. “ Retirement financial preparation: Implications for policy”, Journal of aging and social policy, Volume 16, Number 2, Pages 19-34.
  • MUNNELL, A., SUNDEN, A., TAYLOR, C. 2002. “What determines 401(k) plan participation and contributions?”, Social Security Bulletin, 64(3), 64-75.
  • NAKIP, M. 2003. “Pazarlama Araştırmaları Teknikler ve SPSS Destekli Uygulamalar”. Ankara: Seçkin Kitabevi.
  • OKTAYER, N., OKTAYER, A. 2007. “Özel emeklilik fonlarının finansal piyasaların gelişimine etkileri”, Afyon Kocatepe Üniversitesi İİBF Dergisi, 9, 55-80.
  • ÖZEL, Ö, YALÇIN, C. 2013. “Yurtiçi Tasarruflar ve Bireysel Emeklilik Sistemi: Türkiye’deki Uygulamaya İlişkin Bir Değerlendirme”. Türkiye Cumhuriyeti Merkez Bankası Çalışma Tebliği No. 13/04
  • PERRY, V. G., MORRIS, M. D. 2005. “Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior”, Journal of Consumer Affairs, Volume 39, Number 2, Pages 299-313.
  • PLUNKETT, H. R., BUEHNER, M. J. 2007. “The relation of general and specific locus of control to intertemporal monetary choice”, Personality and Individual Differences, Volume 42, Number7, Pages1233-1242.
There are 34 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Aslı Elif Aydın

Elif Akben Selçuk This is me

Publication Date October 1, 2017
Published in Issue Year 2017 Issue: 632

Cite

APA Aydın, A. E., & Selçuk, E. A. (2017). Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler. Finans Politik Ve Ekonomik Yorumlar(632), 27-37.
AMA Aydın AE, Selçuk EA. Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler. FPEYD. October 2017;(632):27-37.
Chicago Aydın, Aslı Elif, and Elif Akben Selçuk. “Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler”. Finans Politik Ve Ekonomik Yorumlar, no. 632 (October 2017): 27-37.
EndNote Aydın AE, Selçuk EA (October 1, 2017) Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler. Finans Politik ve Ekonomik Yorumlar 632 27–37.
IEEE A. E. Aydın and E. A. Selçuk, “Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler”, FPEYD, no. 632, pp. 27–37, October 2017.
ISNAD Aydın, Aslı Elif - Selçuk, Elif Akben. “Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler”. Finans Politik ve Ekonomik Yorumlar 632 (October 2017), 27-37.
JAMA Aydın AE, Selçuk EA. Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler. FPEYD. 2017;:27–37.
MLA Aydın, Aslı Elif and Elif Akben Selçuk. “Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler”. Finans Politik Ve Ekonomik Yorumlar, no. 632, 2017, pp. 27-37.
Vancouver Aydın AE, Selçuk EA. Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler. FPEYD. 2017(632):27-3.