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The role of financial literacy in financial decisions and retirement preparedness among seniors and near-seniors
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This study makes use of microdata from the 2014 Canadian Financial Capability Survey to examine financial knowledge and financial confidence among seniors (aged 65 and over) and near-seniors (aged 55 to 64). The study considers how knowledge and confidence are related to three domains of financial behaviour that are critical for retirement preparedness: money and debt management, future planning and savings, and best financial practices and protection measures. The results of the quantitative analysis suggest that financial confidence has important effects on retirement preparedness among seniors and near-seniors.
Author: Boris Palameta, Cam Nguyen, David Gyarmati, Shek-wai Hui
Topic: Financial literacy
Publisher: SRDC - Social Research and Demonstration Corporation
Location: Canada
Format: Report
Content Type: Research
Publication Date: May 31, 2016