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Financial Literacy and Retirement Planning in the Netherlands

Maarten van Rooij (), Annamaria Lusardi () and Rob Alessie ()

DNB Working Papers from Netherlands Central Bank, Research Department

Abstract: The complexity of financial decisions households are faced with has increased tounprecedented levels. At the same time, recent research documents large differences ineconomic knowledge among households and indicates that household financial skills may beinadequate to cope with the increasing responsibility for making retirement decisions. In thispaper, we examine the relationship between financial knowledge and retirement planning inthe Netherlands. For this purpose, we have designed a customized module for the DNB (DeNederlandsche Bank) Household Survey. We identify a strong and positive associationbetween financial knowledge and retirement planning. Using information on economicseducation when young, we show that the nexus of causality goes from literacy to planningrather than the other way around.ÂÂ

Keywords: Thinking about Retirement; Knowledge of Finance and Economics; FinancialSophistication; Economics Schooling. (search for similar items in EconPapers)
JEL-codes: J26 D12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-eec and nep-lab
Date: 2009-12
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Journal Article: Financial literacy and retirement planning in the Netherlands (2011) Downloads
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