Abstract
AbstractUsing Item Response Theory to analyse survey data from a representative sample of 551 Swedish citizens, a new 16-question measure of fact-based financial literacy is developed and validated. Uni-dimensionality of the measure is verified, and expected correlations are observed with an existing measure of fact-based financial literacy, a measure of subjective financial literacy or confidence, and age, gender, and income. A significant impact of fact-based and subjective financial literacy are found on three time-ordered stages of individuals’ retirement behaviour: planning, saving, and investment management. It is concluded that policies increasing final literacy are important in different phases of the life cycle.
Funder
VINNOVA
Handelsbankens forskningsstiftelse
Publisher
Springer Science and Business Media LLC
Subject
Economics and Econometrics,Business, Management and Accounting (miscellaneous)
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