Financial Literacy and Retirement Planning in Australian

23 Pages Posted: 17 Jan 2013

See all articles by Julie R. Agnew

Julie R. Agnew

College of William and Mary - Mason School of Business

Hazel Bateman

UNSW Sydney, CEPAR

Susan Thorp

The University of Sydney Business School

Date Written: December 3, 2012

Abstract

We implement a customized survey to a representative sample of 1,024 Australians to examine the relationship between financial literacy and retirement planning. Overall we find aggregate levels of financial literacy similar to comparable countries with the young, least educated, unemployed and those not in the labor force most at risk. However, unlike the international norm, we find that financial skills increase with age. The role played by the Australia’s mandatory private retirement arrangements, system of defaults, and interactions with the means-tested safety net pension at older ages remain open questions.

Keywords: financial literacy, retirement planning

JEL Classification: G23, G28, D14

Suggested Citation

Richardson Agnew, Julie and Bateman, Hazel and Thorp, Susan, Financial Literacy and Retirement Planning in Australian (December 3, 2012). UNSW Australian School of Business Research Paper No. 2012ACTL16. Available at SSRN: https://ssrn.com/abstract=2198641 or http://dx.doi.org/10.2139/ssrn.2198641

Julie Richardson Agnew (Contact Author)

College of William and Mary - Mason School of Business ( email )

P.O. Box 8795
Williamsburg, VA 23187-8795
United States

Hazel Bateman

UNSW Sydney, CEPAR ( email )

High Street
Sydney, NSW 2052
Australia

Susan Thorp

The University of Sydney Business School ( email )

Abercrombie Building
H70
The University Of Sydney, NSW 2006
Australia
0290366354 (Phone)

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