Welchen Einfluss hat Financial Literacy auf die Altersvorsorge?
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Welchen Einfluss hat Financial Literacy auf die Altersvorsorge?
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 86 (2017), Iss. 4 : pp. 83–101
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infas Institut für angewandte Sozialwissenschaft GmbH, Bonn
Cited By
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Financial Literacy and Private Old-Age Provision in Germany – Evidence from SAVE 2008
Bucher-Koenen, Tabea
(2009)
https://doi.org/10.2139/ssrn.1534664 [Citations: 10]
Abstract
This contribution examines the influence of financial literacy on old-age provision. To start with, an indirect effect is being described in a theoretical analysis. Accordingly, a lack of financial literacy encourages an aversion against dealing with financial matters. This causes „psychological costs“ of retirement planning and choosing a specific savings scheme. If the individual excessively weights the present moment against future moments (hyperbolic preferences), these costs lead to procrastination of retirement planning and old-age provision. Empirical evidence based on the Bertelsmann Stiftung Vorsorgestudien and the SAVE data supports the presumed correlations. However, a causal interpretation seems plausible and very likely, but cannot be assumed with absolute certainty. To resolve remaining ambiguities, additional research and an improved data basis are required.