Attitudes and behaviors for individual pension systems in terms of behavioral finance: An examination on teachers from Eskişehir Institute of Ministry of Education

Individuals want to maintain their current level of prosperity when they are working and earning, even during periods when they may need more money in the future. Accordingly, they are willing to make regular savings on their own behalf in line with the gains they have earned in the period they are actively engaged. In this way, without any constraints, a form of saving or funding that gives the volunteer-based individuals the opportunity to guarantee their income will be called individual pension. However, individuals are influenced by many factors in investing their savings in this context towards individual retirement and it is often not possible to make rational decisions. At this point, the relationship between the Individual Pension System (IPS) and behavioral finance is gaining importance in the context of investigating the mental and logical errors in the decisions of the depositors. In this study, the relationship between the attitudes of the teachers who are working in the Ministry of Education of Eskişehir, their purpose of accumulating, their IPS basic knowledge levels and their approaches to the IPS and their behavioral finance tendencies they showed for individual retirement were examined through statistical analyzes (frequency analysis, percentage analysis, factor analysis, correlation analysis and multiple regression analysis). As a result of these analyzes, it was determined that teachers' purpose of accumulating, their IPS basic knowledge levels and their approach to the IPS have an impact on their behavioral finance tendencies they showed for individual retirement. Keywords: Individual Pension System, Behavioral Finance, Saving Owners, Teachers