Retirement Financial Behaviour: How Important Is Being Financially Literate?

• Published in: Journal of consumer policy Vol. 43; no. 3; pp. 543 - 564
• Main Authors: Hauff, J. C., Carlander, A., Gärling, T., Nicolini, G.
• Format: Journal Article
• Language: English
• Published: New York Springer US 01.09.2020; Springer Nature B.V
• Subjects: age; Behavior; Business Administration; Commercial Law; correlation; Economic Policy; Financial literacy; Financial literacy Financial retirement behaviour Survey data Literacy measures; Financial planning; Företagsekonomi; gender; income; issues and policy; Item response theory; Literacy; Marketing; Original Paper; planning; Retirement; Retirement planning; Savings plans; Social Sciences; surveys; Sweden; Financial literacy; Literacy measures; Financial retirement behaviour; Survey data

Using Item Response Theory to analyse survey data from a representative sample of 551 Swedish citizens, a new 16-question measure of fact-based financial literacy is developed and validated. Uni-dimensionality of the measure is verified, and expected correlations are observed with an existing measur...