Retirement Preparedness in Turkey and the Need for Personal Financial Planning

Suna Ozyuksel () and Umut Gunay ()
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Suna Ozyuksel: Istanbul Commerce University, Turkey
Umut Gunay: Istanbul Commerce University, Turkey

Eurasian Journal of Economics and Finance, 2019, vol. 7, issue 1, 15-35

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.

Keywords: Retirement; Financial Planning; Saving; Investment (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (2)

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