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Financial Literacy and Retirement Planning in New Zealand

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Author Info

  • Diana Crossan

    (Retirement Commission, New Zealand)

  • David Feslier

    ()
    (Retirement Commission, New Zealand)

  • Roger Hurnard

    (Retirement Commission, New Zealand)

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    Abstract

    We 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.

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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 113.

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    Length: 30 pages
    Date of creation: Mar 2011
    Date of revision:
    Handle: RePEc:crp:wpaper:113

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    Related research

    Keywords: Financial literacy; retirement planning; financial education; Maori; Ngai Tahu; New Zeland.;

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    Cited by:
    1. 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).
    2. Barrett, Alan & Mosca, Irene & Whelan, Brendan J., 2013. "(Lack of) Pension Knowledge," IZA Discussion Papers 7596, Institute for the Study of Labor (IZA).
    3. Spataro, Luca & Corsini, Lorenzo, 2013. "Endogenous financial literacy, saving and stock market participation," MPRA Paper 44342, University Library of Munich, Germany.
    4. 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.

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