Welchen Einfluss hat Financial Literacy auf die Altersvorsorge?

Abstract

This contribution examines the influence of financial literacy on old-age provision. To start with, an indirect effect is being described in a theoretical analysis. Accordingly, a lack of financial literacy encourages an aversion against dealing with financial matters. This causes "psychological costs" of retirement planning and choosing a specific savings scheme. If the individual excessively weights the present moment against future moments (hyperbolic preferences), these costs lead to procrastination of retirement planning and old-age provision. Empirical evidence based on the Bertelsmann Stiftung Vorsorgestudien and the SAVE data supports the presumed correlations. However, a causal interpretation seems plausibleand very likely, but cannot be assumed with absolute certainty. To resolve remaining ambiguities, additional research and an improved data basis are required.