Retirement Financial Behaviour: How Important Is Being Financially Literate?

J. C. Hauff (), A. Carlander (), T. Gärling () and G. Nicolini ()
Additional contact information
J. C. Hauff: University of Gothenburg
A. Carlander: University of Gothenburg
T. Gärling: University of Gothenburg
G. Nicolini: Tor Vergata

Journal of Consumer Policy, 2020, vol. 43, issue 3, No 7, 543-564

Abstract: Abstract Using Item Response Theory to analyse survey data from a representative sample of 551 Swedish citizens, a new 16-question measure of fact-based financial literacy is developed and validated. Uni-dimensionality of the measure is verified, and expected correlations are observed with an existing measure of fact-based financial literacy, a measure of subjective financial literacy or confidence, and age, gender, and income. A significant impact of fact-based and subjective financial literacy are found on three time-ordered stages of individuals’ retirement behaviour: planning, saving, and investment management. It is concluded that policies increasing final literacy are important in different phases of the life cycle.

Keywords: Financial literacy; Financial retirement behaviour; Survey data; Literacy measures (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (14)

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DOI: 10.1007/s10603-019-09444-x

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