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Financial Literacy and Retirement Planning in Japan

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  • Shizuka Sekita

    ()
    (Istitute of Social and Economic Research, Osaka University)

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    Abstract

    Using micro data on Japanese households, I provide an overview of the level of financial literacy in Japan, analyze the determinants of financial literacy and link financial literacy to retirement planning. Overall, the level of financial literacy is low in Japan. Surprisingly, many Japanese responded that they did not know the answer in at least one question. In addition, I found that females, the young, and individuals with lower incomes and lower education levels are financially illiterate. Moreover, as expected, I found that financial literacy increases the probability of having a savings plan for retirement.

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    Bibliographic Info

    Paper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 108.

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    Length: 41 pages
    Date of creation: Mar 2011
    Date of revision:
    Handle: RePEc:crp:wpaper:108

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    Cited by:
    1. Spataro, Luca & Corsini, Lorenzo, 2013. "Endogenous financial literacy, saving and stock market participation," MPRA Paper 44342, University Library of Munich, Germany.
    2. Robert Clark & Rikiya Matsukura & Naohiro Ogawa, 2013. "Low fertility, human capital, and economic growth," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 29(32), pages 865-884, October.
    3. Annamaria Lusardi & Olivia S. Mitchell, 2013. "The Economic Importance of Financial Literacy: Theory and Evidence," CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy) 134, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    4. Rekha Reddy & Miriam Bruhn & Congyan Tan, 2013. "Financial Capability in Mexico : Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge," World Bank Other Operational Studies 16756, The World Bank.
    5. Annamaria Lusardi, 2012. "Numeracy, financial literacy, and financial decision-making," NBER Working Papers 17821, National Bureau of Economic Research, Inc.
    6. Brown, Martin & Graf, Roman, 2012. "Financial Literacy, Household Investment and Household Debt: Evidence from Switzerland," Working Papers on Finance, University of St. Gallen, School of Finance 1301, University of St. Gallen, School of Finance.
    7. Elisabeth Beckmann & Helmut Stix, 2014. "Foreign currency borrowing and knowledge about exchange rate risk," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) 188, Oesterreichische Nationalbank (Austrian Central Bank).

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