Financial Literacy and Retirement Planning in Switzerland

dc.creator	Martin Brown
dc.creator	Roman Graf
dc.date	2013-07-01T00:00:00Z
dc.date.accessioned	2015-07-20T22:10:04Z
dc.date.available	2015-07-20T22:10:04Z
dc.identifier	http://dx.doi.org/10.5038/1936-4660.6.2.6
dc.identifier	1936-4660
dc.identifier	https://doaj.org/article/e6f028a30b884998857c94cabb65a2cb
dc.identifier.uri	http://evidence.thinkportal.org/handle/123456789/13349
dc.description	We use a representative survey covering 1,500 households to document the level of financial literacy in Switzerland and to examine how financial literacy is related to retirement planning. We measure financial literacy with standardized questions that capture knowledge about three basic financial concepts: Compound interest, inflation, and risk diversification. We measure retirement planning by the incidence of a voluntary retirement savings account. Our results show that financial literacy in Switzerland is high by international standards--a result which is compatible with the high ranking of Switzerland on the PISA mathematical scales. Financial literacy is lower among low-income, less-educated, and immigrant, non-native-speaking households as well as among women. We find that financial literacy is strongly correlated with voluntary retirement saving. Our results also show that financial literacy is correlated with financial market participation and mortgage borrowing.
dc.language	English
dc.publisher	University of South Florida Libraries
dc.relation	http://scholarcommons.usf.edu/numeracy/vol6/iss2/art6/
dc.relation	https://doaj.org/toc/1936-4660
dc.rights	CC BY-NC
dc.source	Numeracy, Vol 6, Iss 2, p 6 (2013)
dc.subject	financial literacy
dc.subject	retirement planning
dc.subject	financial market participaton
dc.subject	household debt
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	DOAJ:Education
dc.subject	DOAJ:Social Sciences
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.subject	DOAJ:Mathematics
dc.subject	DOAJ:Mathematics and Statistics
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	DOAJ:Education
dc.subject	DOAJ:Social Sciences
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.subject	DOAJ:Mathematics
dc.subject	DOAJ:Mathematics and Statistics
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.subject	Special aspects of education
dc.subject	LC8-6691
dc.subject	Education
dc.subject	L
dc.subject	Mathematics
dc.subject	QA1-939
dc.subject	Science
dc.subject	Q
dc.title	Financial Literacy and Retirement Planning in Switzerland
dc.type	article