Aging is inevitable. Since individuals are responsible for pensions nowadays, planning personal pensions and savings is necessary for better living conditions in old age. This is precisely why it is essential to research how citizens are, following their financial literacy, ready to choose the one that suits their investment preferences and risk tolerance from a wide range of voluntary pension funds. The thesis will be based on this idea. The methods of synthesis, analysis, compilation, and comparison will be used in the paper. The synthesis method includes a research procedure based on combining parts into a single whole, while analysis involves searching for a cause-and-effect relationship. The compilation method represents the process of downloading the research results of other authors. Using the comparative method, similarities or differences between events are observed. The research will be based on the study of available professional literature, books, professional articles, HANFA data, and research on this topic globally and in the Republic of Croatia. The work results will provide insight into a clearer picture of the impact of the population's financial literacy on the decision to invest in voluntary pension funds. As such, it will present an overview of the previous considerations of numerous authors and open a framework for further research on this topic