Financial literacy and retirement planning in Germany
AbstractWe examine financial literacy in Germany using data from the SAVE survey. We find that knowledge of basic financial concepts is lacking among women, the less educated, and those living in East Germany. In particular, those with low education and low income in East Germany have little financial literacy compared to their West German counterparts. Interestingly, there is no gender disparity in financial knowledge in the East. In order to investigate the nexus of causality between financial literacy and retirement planning we develop an IV strategy by making use of regional variation in the financial knowledge of peers. We find a positive impact of financial knowledge on retirement planning.
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 Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy in its series MEA discussion paper series with number 11239.
Date of creation: 31 Jan 2011
Date of revision:
Contact details of provider:
Postal: Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy, Amalienstraße 33, 80799 München, Germany
Web page: http://www.mea.mpisoc.mpg.de/
Find related papers by JEL classification:
- D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Fort, Margherita & Manaresi, Francesco & Trucchi, Serena, 2012.
"Banks Information Policies, Financial Literacy and Household Wealth,"
IZA Discussion Papers
6989, Institute for the Study of Labor (IZA).
- M. Fort & F. Manaresi & S. Trucchi, 2012. "Banks Information Policies, Financial Literacy and Household Wealth," Working Papers wp852, Dipartimento Scienze Economiche, Universita' di Bologna.
- Alessie, Rob & Angelini, Viola & van Santen, Peter, 2013.
"Pension Wealth and Household Savings in Europe: Evidence from SHARELIFE,"
Working Paper Series
265, Sveriges Riksbank (Central Bank of Sweden).
- Santen, Peter van & Alessie, Rob & Angelini, Viola, 2012. "Pension wealth and household savings in Europe: Evidence from SHARELIFE," Research Report 12012-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
- Wobker, Inga & Lehmann-Waffenschmidt, Marco & Kenning, Peter & Gigerenzer, Gerd, 2012. "What do people know about the economy? A test of minimal economic knowledge in Germany," Dresden Discussion Paper Series in Economics 03/12, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
- Bucher-Koenen, Tabea, 2011. "Financial Literacy, Riester Pensions, and Other Private Old Age Provision in Germany," MEA discussion paper series 11250, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
- Elsa Fornero & Chiara Monticone & Serena Trucchi, 2011. "The effect of financial literacy on mortgage choices," CeRP Working Papers 121, Center for Research on Pensions and Welfare Policies, Turin (Italy).
- Fernando Alexandre & Luís Aguiar Conraria & Pedro Bação & Miguel Portela, 2011. "A Poupança em Portugal," GEMF Working Papers 2011-19, GEMF - Faculdade de Economia, Universidade de Coimbra.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Henning Frankenberger).
If references are entirely missing, you can add them using this form.