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Financial literacy and retirement planning in the Netherlands |
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| Authors: | Maarten C.J. van Rooij Annamaria Lusardi Rob J.M. Alessie |
| Affiliation: | a Economics & Research Division, De Nederlandsche Bank, P.O. Box 98, 1000 AB Amsterdam, The Netherlands b Netspar, P.O. Box 90153, 5000 LE Tilburg, The Netherlands c The George Washington School of Business, 2201 G Street, NW Washington, DC 20052, United States d Department of Economics, Dartmouth College, Hanover, NH 03755, United States e School of Economics and Business, University of Groningen, P.O. Box 800, 9700 AV Groningen, The Netherlands f Tinbergen Institute, Gustav Mahlerplein 117, 1082 MS Amsterdam, The Netherlands |
| Abstract: | The complexity of financial decisions that households now face has increased to unprecedented levels. At the same time, households seem to lack the financial knowledge to cope with these decisions, including how to save and invest adequately for retirement. In this paper, we examine the relationship between financial knowledge and retirement planning in the Netherlands. For this purpose, we have designed a module on financial literacy and planning for the De Nederlandsche Bank (DNB) Household Survey. We find a strong and positive relationship between financial knowledge and retirement planning; those who are more financially knowledgeable are more likely to plan for retirement. Using information on economics education acquired in school, we show that the nexus of causality goes from financial literacy to planning rather than the other way around. |
| Keywords: | J26 D12 |
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