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Financial literacy and retirement planning in Germany*

  • TABEA BUCHER-KOENEN (a1) and ANNAMARIA LUSARDI (a2)
Abstract
Abstract

We examine financial literacy in Germany using data from the SAVE survey. We find that knowledge of basic financial concepts is lacking among women, the less educated, and those living in East Germany. In particular, those with low education and low income in East Germany have low financial literacy compared to their West German counterparts. Interestingly, there is no gender disparity in financial knowledge in the East. In order to investigate the nexus of causality between financial literacy and retirement planning, we develop an instrumental variables strategy by making use of regional variation in the financial knowledge of peers. We find a positive impact of financial knowledge on retirement planning.

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A. Börsch-Supan and L. Essig (2003) Stockholding in Germany. In L. Guiso , M. Haliassos and T. Jappelli (eds), Stockholding in Europe. Basingstoke: PalgraveMacMillan, 110140.

D. B. Rubin (1996) Multiple imputation after 18+ years. Journal of the American Statistical Association, 91(434): 473489.

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Journal of Pension Economics & Finance
  • ISSN: 1474-7472
  • EISSN: 1475-3022
  • URL: /core/journals/journal-of-pension-economics-and-finance
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