The impact of investment and social factors on pension savings in Kazakhstan


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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, Fisher’s F-test and Student’s 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 study’s results can be applied to managing pension funds and reforms related to the pension system.

This research was funded by the Science Committee of the Ministry of Science and Higher Education of the Republic of Kazakhstan (Grant “Exploring the impact of economic, social, and environmental factors on the relationship between urbanization and greenhouse gas emissions” No. AP19576071).

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    • Figure 1. Levels of the pension system in Kazakhstan
    • Figure 2. Independent variables normality distribution (Model 1, Model 2)
    • Table 1. Description of variables
    • Table 2. Peculiarities of pension components
    • Table 3. Statistical data on indicators from 2014 to 2022
    • Table 4. Spearman’s correlation
    • Table 5. ANOVA: F-test
    • Table 6. Coefficients: t-test, VIF
    • Table 7. Hypothesis testing results
    • Data curation
      Assel Bekbossinova, Makpal Bekturganova, Zhansaya Imangali
    • Investigation
      Assel Bekbossinova, Gaukhar Kenzhegulova, Makpal Bekturganova, Zhansaya Imangali
    • Methodology
      Assel Bekbossinova, Gaukhar Kenzhegulova
    • Software
      Assel Bekbossinova, Anel Kireyeva, Gaukhar Kenzhegulova
    • Writing – original draft
      Assel Bekbossinova, Anel Kireyeva, Gaukhar Kenzhegulova
    • Writing – review & editing
      Assel Bekbossinova, Anel Kireyeva, Makpal Bekturganova, Zhansaya Imangali
    • Conceptualization
      Anel Kireyeva
    • Project administration
      Anel Kireyeva
    • Supervision
      Anel Kireyeva
    • Funding acquisition
      Gaukhar Kenzhegulova, Zhansaya Imangali
    • Visualization
      Gaukhar Kenzhegulova
    • Resources
      Makpal Bekturganova, Zhansaya Imangali