What does ‘Big Three’ tell us about retirement planning skills?

Radosław Kurach, Marek Kosny, Paweł Kuśmierczyk and Walid Merouani

Applied Economics Letters, 2021, vol. 28, issue 19, 1703-1706

Abstract: In this paper, we present the results of financial knowledge assessment from a nationwide survey carried out in Poland in 2019. To measure this phenomenon, we use the well-grounded scale, the ‘Big Three’ financial literacy questions, proposed by Mitchell and Lusardi. The results are similar to those of studies in other countries. However, we find that financial literacy scores poorly predict reasonable answers to the retirement planning question. We present hypotheses to explain this finding and recommend potential solutions.

Date: 2021
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DOI: 10.1080/13504851.2020.1851646

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