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Financial Literacy and Pension Plan Participation in ItalyElsa ForneroUniversity of Turin - Department of Economics; Center for Research on Pensions and Welfare Policies (CeRP) Chiara MonticoneCenter for Research on Pensions and Welfare Policies (CeRP) January 31, 2011 Netspar Discussion Paper No. 01/2011-019 Abstract: By requiring individuals to decide whether to participate in (newly established) pension funds, how much to contribute and how to invest their retirement wealth, pension reforms have raised concerns about the ability of households to deal with financial decisions. Using the Bank of Italy's Survey on Household Income and Wealth, our empirical analysis shows that most individuals lack knowledge of basic concepts such as interest rates and inflation. Males, the more educated and residents in the Centre-North possess higher literacy. As for the effects, financial literacy has a positive and significant impact on the probability of pension plan participation.
Number of Pages in PDF File: 32 Keywords: financial literacy, retirement planning, pension plan participation JEL Classification: D91 working papers seriesDate posted: April 18, 2011Suggested CitationContact Information
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