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Financial literacy and retirement planning in New Zealand

Author

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  • CROSSAN, DIANA
  • FESLIER, DAVID
  • HURNARD, ROGER

Abstract

We compare levels of financial literacy between the general adult population of New Zealand, people of Māori ethnicity, and people of Ngāi Tahu, a Māori tribe that is providing financial education to its members. While the level of financial knowledge of Māori people is generally lower than for non-Māori (controlling for demographic and economic factors), there is little difference between the financial knowledge of the people of Ngāi Tahu and other New Zealanders. Moreover, we find that financial literacy is not significantly associated with planning for retirement. This could reflect the dominant role of New Zealand's universal public pension system in providing retirement income security.

Suggested Citation

  • Crossan, Diana & Feslier, David & Hurnard, Roger, 2011. "Financial literacy and retirement planning in New Zealand," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(04), pages 619-635, October.
  • Handle: RePEc:cup:jpenef:v:10:y:2011:i:04:p:619-635_00
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    1. David Hauner, 2008. "Macroeconomic Effects of Pension Reform in Russia," IMF Working Papers 08/201, International Monetary Fund.
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    Cited by:

    1. Brown, Martin & Graf, Roman, 2013. "Financial Literacy, Household Investment and Household Debt: Evidence from Switzerland," Working Papers on Finance 1301, University of St. Gallen, School of Finance.
    2. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, pages 5-44.
    3. Agarwal, Sumit & Amromin, Gene & Ben-David, Itzhak & Chomsisengphet, Souphala & Evanoff, Douglas D., 2015. "Financial literacy and financial planning: Evidence from India," Journal of Housing Economics, Elsevier, vol. 27(C), pages 4-21.
    4. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, pages 5-44.
    5. repec:bla:jconsa:v:51:y:2017:i:2:p:255-283 is not listed on IDEAS
    6. Bucher-Koenen, Tabea & Lusardi, Annamaria & Alessie, Rob J. M. & Van Rooij, Maarten C. J., 2014. "How Financially Literate are Women? An Overview and New Insights," MEA discussion paper series 201419, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    7. Barrett, Alan & Mosca, Irene & Whelan, Brendan J., 2013. "(Lack of) Pension Knowledge," IZA Discussion Papers 7596, Institute for the Study of Labor (IZA).
    8. repec:spr:jbecon:v:87:y:2017:i:5:d:10.1007_s11573-017-0853-9 is not listed on IDEAS
    9. Luca Spataro & Lorenzo Corsini, 2017. "Endogenous Financial Literacy, Saving, and Stock Market Participation," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 73(2), pages 135-162, June.
    10. Zuzana Brokesova & Andrej Cupak & Gueorgui Kolev, 2017. "Financial literacy and voluntary savings for retirement in Slovakia," Working and Discussion Papers WP 10/2017, Research Department, National Bank of Slovakia.
    11. Tabea Bucher-Koenen & Annamaria Lusardi & Rob Alessie & Maarten van Rooij, 2017. "How Financially Literate Are Women? An Overview and New Insights," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(2), pages 255-283, July.

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