Financial Literacy and Retirement Planning in Japan
AbstractUsing 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 InfoPaper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 108.
Length: 41 pages
Date of creation: Mar 2011
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-AGE-2011-04-16 (Economics of Ageing)
- NEP-ALL-2011-04-16 (All new papers)
- NEP-LAB-2011-04-16 (Labour Economics)
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