Financial literacy and retirement planning in Sweden

Johan Almenberg · Jenny Säve‐Söderbergh

266 citations0/0 files storedJournal of Pensions Economics and Finance

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Financial Literacy, Pension, Retirement Analysis Retirement, Disability, and Employment Financial Literacy and Behavior

Abstract

Abstract We use data from the Swedish Financial Supervisory 2010 consumer survey to look at levels of financial literacy and retirement planning in the Swedish population. The results indicate that many adults have low financial literacy. In general, financial literacy levels are lower among the young, the old, women and those with low income or low educational attainment. People who report having tried to plan for retirement have higher levels of financial literacy. In particular, an understanding of risk diversification is strongly correlated with planning for retirement. We relate our findings to features of the Swedish pension system.

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References

2006Household Finance 2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 2008Planning and Financial Literacy: How Do Women Fare?2011Financial Literacy and Planning: Implications for Retirement Wellbeing 2010Cognitive Ability and Portfolio Choice 2009The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation 2009Defining and Measuring Financial Literacy 2008Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel

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