THE IMPACT OF INVESTMENT AND SOCIAL FACTORS ON PENSION SAVINGS IN KAZAKHSTAN

Bekbossinova A. Kireyeva A. Kenzhegulova G. Bekturganova M. Imangali Z.
2023 LLC CPC Business Perspectives

Investment Management and Financial Innovations
2023 #20 Issue 3 102 - 115 pp.

In the current social conditions, pension systems have become the most important topic on the agenda for many countries. Therefore, governments have started paying attention and should reform their pension systems to guarantee an adequate contribution to pensions. Thus, this study analyzes the impact of investments and social factors on pension savings using Kazakhstan as an example. The paper is based on secondary data from the annual reports of the Unified Accumulative Pension Fund and annual statistical reports of the Bureau of National Statistics of the Republic of Kazakhstan from 2014 to 2022. SPSS software was used to analyze the collected data, specifically through correlation and regression analysis, to determine the impact and relationships between selected indicators (i.e., inflation rate, number of contributors, pension contribution, investment income and average wage). To check the reliability of the models, Fishers F-test and Students t-test were conducted. Therefore, a VIF diagnosis was conducted. The correlation analysis results showed that in the group of investment factors, pension savings are more dependent on pension contributions (,900**), and in social factors, on average wages (1,000**). Based on the results obtained, all factors have a positive impact on pension savings, except inflation. Inflation growth by 1% on average reduces the amount of pension savings by 23% over the nine-year period between 2014 to 2022, which is reflected in the results of Model 2. The studys results can be applied to managing pension funds and reforms related to the pension system.

inflation , investment factors , Kazakhstan , pension fund , pension savings , social factors

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NARXOZ University, Kazakhstan
Department of Information and Implementation of Research Results, Institute of Economics CS MSHE RK, Kazakhstan
University of International Business named after K. Sagadiyev, Kazakhstan
Institute of Economics CS MSHE RK, Kazakhstan
Science, Research Secretary for Innovative Projects, TRENCO R&D LLP, Kazakhstan

NARXOZ University
Department of Information and Implementation of Research Results
University of International Business named after K. Sagadiyev
Institute of Economics CS MSHE RK
Science

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