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Critical Analysis of Pensions Taking into Account Selected Aspects of Financial Literacy

Author

Listed:
  • Viktoria Daus

    (FOM University of Applied Sciences)

  • Philippe Krahnhof

    (Lecturer at FOM University of Applied Sciences)

  • Alexander Zureck

    (Professor at FOM University of Applied Sciences)

Abstract

In this study we investigate the impact of government debt on the economic growth of General financial education, so-called financial literacy, which plays an essential role in private retirement provisions. A study by the Organization for Economic Co-operation and Development (OECD) in 2015 shows that financial literacy is not prevalent in Germany (OECD, 2015). The aim of this scientific paper is to underline the importance of financial literacy for private retirement provisions. Due to the falling level of pensions in Germany, investments in a private pension are essential. Therefore, a regression analysis is carried out. An academic goal is to analyze if gender, net income and academic degree have a positive impact on financial literacy. In summary, it can be said that there is a significant influence of gender. With regard to the significant imbalance in the gender distribution (three quarters are male), the data should be expanded in the future. While net income as well as academic degree both have positive effect, correlation was only shown for net income. An ideal level of private retirement provisions was not determined in the empirical study. Based on these empirical insights, it is recommended that the federal states should invest in the financial education of their citizens to counteract poverty in age.

Suggested Citation

  • Viktoria Daus & Philippe Krahnhof & Alexander Zureck, 2020. "Critical Analysis of Pensions Taking into Account Selected Aspects of Financial Literacy," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 6(3), pages 29-35, August.
    • Handle: RePEc:mgs:ijoied:v:6:y:2020:i:3:p:29-35
    DOI: 10.18775/ijied.1849-7551-7020.2015.63.2003
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    More about this item

    Keywords

    Financial Literacy; Pensions in Germany; Growth of General Financial Education;
    All these keywords.

    JEL classification:

    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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