Financial Literacy and Retirement Planning in Australia

Authors

Julie R. Agnew, The Mason School of Business, The College of William and MaryFollow
Hazel Bateman, Australian School of Business, University of New South WalesFollow
Susan Thorp, UTS Business School, University of Technology SydneyFollow

Keywords

financial literacy, retirement planning

Abstract

Financial literacy and numeracy are closely tied. Furthermore, financial literacy has been shown to relate to important financial behaviors. This study examines the relationship between financial literacy and retirement planning using a measure that includes questions requiring numeracy. We implement a customized survey to a representative sample of 1,024 Australians. Overall, we find aggregate levels of financial literacy similar to comparable countries with the young, least educated, those not employed, and those not in the labor force most at risk. Our financial literacy measure is positively related to retirement planning in our sample.

DOI

http://dx.doi.org/10.5038/1936-4660.6.2.7

Recommended Citation

Agnew, Julie R., Hazel Bateman, and Susan Thorp. "Financial Literacy and Retirement Planning in Australia." Numeracy 6, Iss. 2 (2013): Article 7. DOI: http://dx.doi.org/10.5038/1936-4660.6.2.7

Creative Commons License

This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License