Impact of macroeconomic factors in Turkey on individual retirement saving

The need for protection social security, which started from ancient times and continuing to the present day, has put countries in search of a system that will secure the entire population in order to reduce and eliminate the severity of the risks that may occur due to the professional, physiological and socio-economic risks of people. With these developments, the private pension system, which is an individual pension system, became a current issue. Individuals participate in the system for reasons such as the desire to live a comfortable life of well-being during retirement periods and the creation of an additional income in their retirement income. The countries aim to distribute the increasing financial burden on the public, stability by obtaining a source of capital and to develop in financial markets. The aim of this study is to examine the effect of selected macroeconomic changeable on individual pension savings. Accordingly, total net asset value of fund and the number of participants were taken as individual pension changeable and inflation, GDP and rate of interest were taken as macro economic veriables data. In the study, quarterly data from 2010 to 2020 were analyzed with Vector Autoregressive Models (VAR). In the study, it was concluded that macroeconomic changeable had an effect on both the number of participants and fund sizes. According to the results, the highest interest rates and inflation rates among changeable have an impact on the number of individual pension participants and fund sizes.