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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
Keywords Financial literacy Financial retirement behaviour Survey data Literacy measures
Subject categories Business Administration


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.

Page Manager: Webmaster|Last update: 9/11/2012

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