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Retirement Financial Behaviour: How Important Is Being Financially Literate?

Journal article
Authors Jeanette Hauff Carlsson
Anders Carlander
Tommy Gärling
Gianni Nicolini
Published in Journal of Consumer Policy
ISSN 0168-7034
Publication year 2020
Published at Department of Business Administration
Department of Psychology
Language en
Links https://doi.org/10.1007/s10603-019-...
Keywords Financial literacy Financial retirement behaviour Survey data Literacy measures
Subject categories Business Administration

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.

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