Economic mechanisms of population protection against pension risks as a tool for socio-economic development of the region

The problem of finding effective economic instruments for socio-economic development of the regions has recently become of increasing relevance. Strengthening the regional differentiation, highlighting the leading and lagging regions, the lack of own resources in the regions has forced regional authorities to use new instruments of territorial development, in particular, economic mechanisms of protection against pension risks. The use of these mechanisms has a dual effect (economic and social), due to the attraction of the regions with additional financial resources in the form of “long money” and increasing the protection of citizens against pension risks (the increase in the level of pension payments). The analysis of the current use of economic mechanisms of protection against pension risks in the regions of the Southern Federal District helped to articulate key issues of their use, in particular, low pension literacy of the population, distrust towards specialized financial institutions, the investment policy of the regions does not take into account the possibility of attracting private pension funds into regional projects, and there is no mechanism to support regional National Pension Fund. Territorial analysis revealed the potential application of economic mechanisms to protect against pension risks in the regions of the Southern Federal District as a tool for socio-economic development, which is based on the existence of regional pension funds and insurance companies (providing services for pension insurance), as well as participation in private pension provision. The Krasnodar, Rostov and Volgograd regions have the highest potential among the regions of the Southern Federal District, as there already exist regional National Pension Fund, and the participation in private pension insurance is confirmed by the statistics of the contributions paid. The study of existing economic mechanisms to protect against pension risks will provide the theoretical and practical aspects of the algorithm in the future for socio-economic development of Russian regions.