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Financial literacy and retirement planning in New Zealand*

Diana Crossan, David Feslier and Roger Hurnard

Journal of Pension Economics and Finance, 2011, vol. 10, issue 4, 619-635

Abstract: We compare levels of financial literacy between the general adult population of New Zealand, people of MÄ ori ethnicity, and people of NgÄ i Tahu, a MÄ ori tribe that is providing financial education to its members. While the level of financial knowledge of MÄ ori people is generally lower than for non-MÄ ori (controlling for demographic and economic factors), there is little difference between the financial knowledge of the people of NgÄ i Tahu and other New Zealanders. Moreover, we find that financial literacy is not significantly associated with planning for retirement. This could reflect the dominant role of New Zealand's universal public pension system in providing retirement income security.

Date: 2011
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Handle: RePEc:cup:jpenef:v:10:y:2011:i:04:p:619-635_00