Financial Literacy and Retirement Planning in New Zealand
AbstractWe compare levels of financial literacy in New Zealand with levels in five other countries and between the general adult population of New Zealand, people of Maori ethnicity and, more particularly, the people of Ngai Tahu, a Maori tribe based mainly in the South Island of New Zealand who have initiated a long-term savings scheme and are also providing financial education courses for members of their tribe. Our findings indicate that, while the financial knowledge level of Maori people generally is lower than for non-Maori (controlling for demographic and economic factors), there is little difference between the financial knowledge of the people of Ngai Tahu and other New Zealanders. Finally, the analysis finds financial literacy (defined as getting all three test questions correct) is not significantly associated with thinking about planning for retirement ‘a lot’, although it appears to be significant for other measures of financial achievement. This result could reflect the dominant role of New Zealand’s universal public pension in providing retirement income security.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 113.
Length: 30 pages
Date of creation: Mar 2011
Date of revision:
Financial literacy; retirement planning; financial education; Maori; Ngai Tahu; New Zeland.;
Find related papers by JEL classification:
- D9 - Microeconomics - - Intertemporal Choice
This paper has been announced in the following NEP Reports:
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- 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).
- Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 52(1), pages 5-44, March.
- Annamaria Lusardi & Olivia S. Mitchell, 2013. "The Economic Importance of Financial Literacy: Theory and Evidence," NBER Working Papers 18952, National Bureau of Economic Research, Inc.
- Barrett, Alan & Mosca, Irene & Whelan, Brendan J., 2013. "(Lack of) Pension Knowledge," IZA Discussion Papers 7596, Institute for the Study of Labor (IZA).
- Spataro, Luca & Corsini, Lorenzo, 2013. "Endogenous financial literacy, saving and stock market participation," MPRA Paper 44342, University Library of Munich, Germany.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Silvia Maero) The email address of this maintainer does not seem to be valid anymore. Please ask Silvia Maero to update the entry or send us the correct address.
If references are entirely missing, you can add them using this form.