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Financial Literacy and Retirement Savings in Germany

  • Ivonne Honekamp

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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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. Annamarie Lusardi & Olivia S. Mitchell, 2005. "Financial Literacy and Planning: Implications for Retirement Wellbeing," Working Papers wp108, University of Michigan, Michigan Retirement Research Center.
  2. Esther Duflo & Emmanuel Saez, 2003. "The Role Of Information And Social Interactions In Retirement Plan Decisions: Evidence From A Randomized Experiment," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 815-842, August.
  3. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 205-224, January.
  4. Schunk, Daniel, 2007. "The German SAVE survey: documentation and methodology," Sonderforschungsbereich 504 Publications 07-08, Sonderforschungsbereich 504, Universit├Ąt Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  5. 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.
  6. repec:use:tkiwps:2323 is not listed on IDEAS
  7. Emmanuel Saez & Esther Duflo, 2003. "The role of information and social interactions in retirement plan decisions: Evidence from a randomized experiment," Framed Field Experiments 00141, The Field Experiments Website.
  8. 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, vol. 5(01), pages 45-67, March.
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