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Financial Literacy and Retirement Savings in Germany

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  • Ivonne Honekamp

Abstract

The German pension reforms in 2001 and 2004 increased the importance of private supplemental savings for retirement. Calculating the appropriate retirement income needed and choosing the right product postulates some degree of financial knowledge, also referred to as financial literacy. This paper investigates the relationship between financial literacy and private retirement savings. Germans seem to have a good grasp of basic financial concepts. However, individuals with low education face some problems and at the same time seldom possess a private retirement account. This is different for women, who are less literate than men, but not less likely to save for retirement.

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File URL: http://indstate.edu/business/NFI/leadership/papers/2012-WP-03_Honekamp.pdf
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Bibliographic Info

Paper provided by Indiana State University, Scott College of Business, Networks Financial Institute in its series NFI Working Papers with number 2012-WP-03.

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Length: 25 pages
Date of creation: Jun 2012
Date of revision:
Handle: RePEc:nfi:nfiwps:2012-wp-03

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  1. Esther Duflo & Emmanuel Saez, 2002. "The Role of Information and Social Interactions in Retirement Plan Decisions: Evidence from a Randomized Experiment," NBER Working Papers 8885, National Bureau of Economic Research, Inc.
  2. Daniel Schunk, 2006. "The German SAVE Survey: Documentation and Methodology," MEA discussion paper series, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy 06109, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  3. Annamaria Lusardi & Olivia S. Mitchell, 2006. "Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth," CeRP Working Papers 54, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  4. Annamaria Lusardi & Olivia S. Mitchell, 2005. "Financial Literacy and Planning: Implications for Retirement Wellbeing," CeRP Working Papers 46, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  5. CLARK, ROBERT L. & d'AMBROSIO, MADELEINE B. & McDERMED, ANN A. & SAWANT, KSHAMA, 2006. "Retirement plans and saving decisions: the role of information and education," Journal of Pension Economics and Finance, Cambridge University Press, Cambridge University Press, vol. 5(01), pages 45-67, March.
  6. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan, vol. 42(1), pages 35-44, January.
  7. Esther Dufluo & Emmanuel Saez, 2003. "The role of information and social interactions in retirement plan decisions: Evidence from a randomized experiment," Framed Field Experiments, The Field Experiments Website 00141, The Field Experiments Website.
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