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Pension Literacy Is Different

Author

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  • Martin Eling
  • Christoph Jaenicke

Abstract

Using representative survey data from the Swiss population, we show that pension literacy is different from financial literacy. While both literacy measures are higher among men than women, we observe that financial literacy is largely driven by education, whereas pension literacy increases with age and income. Motivated by the differences between both literacy measures, we extend past research on the effect of culture on financial and pension literacy, an area that has not been considered in a pension context. We identify a significant and robust heterogeneity in pension literacy depending on language regions. The magnitude of the language association is high compared to other control variables. A mediation analysis attributes differences in pension literacy to financial risk preferences and differences in financial literacy to time preferences across cultural groups. [Key words: Pension literacy, financial literacy, culture.]

Suggested Citation

  • Martin Eling & Christoph Jaenicke, 2023. "Pension Literacy Is Different," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 46(1), pages 30-72.
    • Handle: RePEc:wri:journl:v:46:y:2023:i:1:p:30-72
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