Financial Literacy and Retirement Planning in Sweden
29 Pages Posted: 15 Apr 2011
Date Written: January 1, 2011
We examine the relationship between financial literacy and retirement planning in a representative sample of Swedish adults. We find significant differences in financial literacy between planners and non-planners. Financial literacy levels are also lower among older people, women and those with low education or earnings. When we control for demographic variables we do not find an association between a narrow measure of financial literacy and planning, but with a broader measure the association is positive and statistically significant. We relate these findings to features of the Swedish pension system.
Keywords: financial literacy, pensions, planning
JEL Classification: D10, H55, H75, I22
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