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The Role of Financial Education in Additional Saving for Retirement

In: Economic and Financial Challenges for Balkan and Eastern European Countries

Author

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  • Sylwia Pieńkowska-Kamieniecka

    (University of Warmia and Mazury)

Abstract

Financial security in old age depends on individual choices and decisions made on the basis of the possessed financial expertise. Its scope depends on financial knowledge, which strongly influences the possessed savings for old age. There has been a growing interest in many countries concerning the subject of financial education for increasing the financial knowledge and expertise. The aim of this chapter is to present that without proper and serious retirement education and financial education, it will be difficult to achieve the effect of a larger engagement of the society in additional saving for retirement. To present to what extent the level of knowledge and education affects saving for old age, this chapter used the data from the research Social Diagnosis. In 2015 for this research 11.7 thousand households in Poland were tested. In order to realize the research aim the model of logistic regression was used. The studies conducted indicated, that level of financial literacy in Poland is low and only a small percentage of Poles save additionally for retirement. Besides, financial education should particularly focus on people with low degree of education who do not display any financial competence and have low willingness to save.

Suggested Citation

  • Sylwia Pieńkowska-Kamieniecka, 2020. "The Role of Financial Education in Additional Saving for Retirement," Springer Proceedings in Business and Economics, in: Marietta Janowicz-Lomott & Krzysztof Łyskawa & Persefoni Polychronidou & Anastasios Karasavvoglou (ed.), Economic and Financial Challenges for Balkan and Eastern European Countries, pages 343-354, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-39927-6_22
    DOI: 10.1007/978-3-030-39927-6_22
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