Different Effects of Financial Literacy and Financial Education in Germany

Luise Pahnke and Ivonne Honekamp

MPRA Paper from University Library of Munich, Germany

Abstract: Financial literacy or “what consumers know about finance” has become part of the scientific discussion in recent years. In Germany, as in many other countries, the structure of social security benefits has changed substantially. Using the German SAVE study conducted by the Mannheim Institute for the Economics of Aging, in this paper financial literacy in Germany is measured and its effect on private retirement provisions is examined. Therefore, the SAVE data is empirically analysed whether financial literacy has an impact on the retirement savings decision in Germany. With our analysis we were able to prove that financial literacy encourages individual retirement planning for households with an above-average income.

Keywords: Financial literacy; Retirement savings; Private pensions; Germany; SAVE (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2010-05-09
New Economics Papers: this item is included in nep-age, nep-eec, nep-eur and nep-lab
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:22900

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