Financial Literacy and Retirement Planning in Switzerland

By Martin Brown, Roman Graf. 2013

200 citations recorded by the source corpus.

We use a representative survey covering 1,500 households to document the level of financial literacy in Switzerland and to examine how financial literacy is related to retirement planning. We measure financial literacy with standardized questions that capture knowledge about three basic financial concepts: Compound interest, inflation, and risk diversification. We measure retirement planning by the incidence of a voluntary retirement savings account. Our results show that financial literacy in Switzerland is high by international standards--a result which is compatible with the high ranking of Switzerland on the PISA mathematical scales. Financial literacy is lower among low-income, less-educated, and immigrant, non-native-speaking households as well as among women. We find that financial literacy is strongly correlated with voluntary retirement saving. Our results also show that financial literacy is correlated with financial market participation and mortgage borrowing.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/295d4b1b3772713ceca4ea815920b5f7a5271cb2

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Citations in the corpus

• Entrepreneurial spirits in women and men. The role of financial literacy and digital skills (2019, background): “Other approaches have emphasized gender differences in the way financial literacy is acquired (Brown and Graf 2013; Fonseca et al. 2012) or self-confidence is built (Bucher-Koenen et al. 2017).”
• The Economic Importance of Financial Literacy: Theory and Evidence (2014, unknown): “Brown and Graf (2013) also showed that sex differences are not due to differential interest in finance and financial matters between women and men.”
• Financial literacy, financial advice, and financial behavior (2017, background): “…arguing with traditional role models (Hsu 2011) suggesting that women only have an incentive to invest in financial literacy late in their lives (Fonseca et al. 2012), differing levels of confidence (Bucher-Koenen et al. 2016), and diverging interests in financial matters (Brown and Graf 2013).”
• What determines financial literacy in Japan? (2019, unknown): “While most evidence comes from the American context, some research exists for the Netherlands (Alessie et al., 2011), Japan (Sekita, 2011, 2013), Canada (Boisclair et al., 2017), Switzerland (Brown and Graf, 2013), and Australia (Agnew et al., 2013).”
• Determinantes da Alfabetização Financeira: Análise da Influência de Variáveis Socioeconômicas e Demográficas (2015, unknown): “…anteriores apontando: as mulheres como de-tentoras de menores níveis de alfabetização financeira (Chen & Volpe, 1998; Lusardi & Mitchell, 2011; Brown & Graf, 2013; Mottola, 2013) e as famílias com dependentes (Servon & Kaestner, 2008; Mottola, 2013), além dos indivíduos com menores níveis de…”