Özet:

The study aims to analyze the risk-taking behavior of the individual pension system participants. In this context, the socio-economic factors that affect the risk taking behavior of the participants are investigated in accordance with the findings of the related literature by using the logistic regression methodology. According to the findings of the study, the duration of participation was found to be the most influential factor on the risk taking behavior of the individuals. Participants tend to invest in less risky assets as long as they stay in the system. Moreover, the participants who are male, married, do not experience a voluntary withdrawal, have a high level of education and who make higher contributions tend to direct their contributions to more risky assets. The age of the participants were not found as significant on the participant’s risk taking behavior. Moreover, the sample is divided into two according to the status of the contract (withdraw/not withdraw) and the education level of the participants (high education/low education) and the analysis is repeated for the subsamples. According to the findings of the analysis, it is observed that the explanatory power of the models and the significance levels of the coefficients of the independent variables differentiate among the sub groups.