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Financial literacy and retirement planning in Vietnam - Do Thu Huong

Though there is still no blueprint for a nationwide reform, house holdbehavior adjustments such as better retirement preparedness and planning may create important changes. By examining the current state of financial literacy and the elderly’s financial situation, the research reveals that financial literacy is of primary importance for retirement security in Vietnam. | VNU Journal of Science: Policy and Management Studies, Vol. 33, No. 2 (2017) 61-72 Financial Literacy and Retirement Planning in Vietnam Do Thu Huong* VNU International School, Building G7, 144 Xuan Thuy, Cau Giay, Hanoi, Vietnam Received 26 April 2017 Revised 10 June 2017; Accepted 28 June 2017 Abstract: In the context of a “getting old before getting rich” population, pension schemes in Vietnam are now facing many challenges which may lead to depletion in 2034 if no effective reform takes place shortly. Though there is still no blueprint for a nationwide reform, household behavior adjustments such as better retirement preparedness and planning may create important changes. By examining the current state of financial literacy and the elderly’s financial situation, the research reveals that financial literacy is of primary importance for retirement security in Vietnam. Keywords: financial literacy, retirement planning, pension funds. 1. Introduction region the majority of which are still in the stages of [2]. “Getting old before getting rich” is now regarded as one of most important features of the population ageing phenomenon in most of developing Asian countries. In Vietnam, according to UNFPA (2011), the growth of the old population is rather high whereas the per capita income is only just reaching the level of a low middle-income country1 (about $US 1,170 per capita in 2010) [3]. Vietnam will face an ageing population in the coming decades. The growth in the supply of labour is slowing down, and the old-age dependency ratio is expected to be significantly higher in the future. In the coming decades, the world population will be ageing1 rapidly, and this is driven by increasing longevity and low fertility rates. Such an ageing population will pose persistent challenges. Within the world-wide ageing trend, there is a considerable heterogeneity across regions and countries. According to the most recent demographic data OECD (2015), the share of individuals .