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Individual Factors Affecting the Participation of Turkish People in the New Individual Pension System
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Author(s): Emine Ebru Aksoy (Ankara Hacı Bayram Veli University, Turkey)
Copyright: 2019
Pages: 13
Source title:
Behavioral Finance and Decision-Making Models
Source Author(s)/Editor(s): Tripti Tripathi (Jiwaji University, India), Manoj Kumar Dash (Khallikote University, India)and Gaurav Agrawal (Indian Institute of Information Technology and Management Gwalior, India)
DOI: 10.4018/978-1-5225-7399-9.ch006
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Abstract
In Turkey, the first step of the individual pension system was based on volunteerism, but the voluntary system resulted in limited participation. Thus, the second step of the system has started to be implemented mandatorily since 2017, and participants were allowed to opt-out the system within two months. More than half of participants in the system preferred to leave the system. Therefore, this study aims to examine individual factors affecting their decision of staying in this system. A survey study was conducted with 374 people selected using the random sampling method. As a result of the study, a positive relationship was found only between the dependent variable and gender, but a significant relationship was determined only between the dependent variable and education level. Based on the results of this study, it is suggested that if the system will need to be improved, the low-performing fund management of the new individual pension system should be re-audited, and the confidence in the system should be increased in this way.
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