Work

Financial Literacy and Retirement Planning in Australia

Year: 2012

Type: article

Abstract: Financial literacy and numeracy are closely tied. Furthermore, financial literacy has been shown to relate to important financial behaviors. This study examines the relationship between financial literacy and retirement planning using a measure that includes questions requiring numeracy. We implement a customized survey to a representative sample of 1,024 Australians. Overall, we find aggregate levels of financial literacy similar to comparable countries with the young, least educated, those not employed, and those not in the labor force most at risk. Our financial literacy measure is positively related to retirement planning in our sample.

Source: Numeracy

DOI: 10.5038/1936-4660.6.2.7

Authors: Julie Agnew, Hazel Bateman, Susan Thorp

Institutions: George Mason University, William & Mary, UNSW Sydney, University of Technology Sydney, Monash University

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: diamond