In recent years, financial management has become increasingly demanding and the importance of possessing financial knowledge and skills has been growing. Most of the population does not possess the financial knowledge necessary to make rational decisions for investment and savings after retirement. Pension systems are becoming increasingly complex where by the public pension system can not guarantee high pensions, therefore, if an individual whises to ensure an adequate quality of life after working life, he needs knowlwdge of the functioning of financial markets. In order for pensioners to achieve adequate income after retirement, it is important that they assume individual responsibility when planing their finances, and this can greatly be helped by pension literacy. For the above mentioned reasons, the aim of this thesis is to describe basic concepts concerning the pension system, financial and pension literacy and to point out the need and importance of pension planning. A special review of the work should be put on the conducted survey which tried to determine the level of pension literacy of the generation X in the Republic of Croatia. Generation X includes persons born between 1960. and 1980. The main objective of this research was to collect information about the attitudes of generation x on age and long- term planning of their saving for old age, to determine their acquaintance and knowledge about the pension system and to draw conclusions on the level of pension literacy of generation X. The main conclusion of this thesis is that generation X is aware of the importance of individual concern for individual retirement planning, but that a smaller percentage of respondents do nothing in this regard, i.e. there is no open form of savings for pension. The scientific methods used in this thesis are methods of analysis and synthesis, descriptive method, inductive and deductive method, classification method, compilation method and generalization.