Financial literacy and retirement planning in Sweden

  • Jenny Säve-Söderbergh Jenny Säve-Söderbergh
  • Johan Almenberg Johan Almenberg

We examine the relationship between financial literacy and retirement planning in a representative sample of Swedish adults. We find significant differences in financial literacy between planners and non-planners. Financial literacy levels are also lower among older people, women and those with low education or earnings. When we control for demographic variables we do not find an association between a narrow measure of financial literacy and planning, but with a broader measure the association is positive and statistically significant. We relate these findings to features of the Swedish pension system.

Netspar, Network for Studies on Pensions, Aging and Retirement, is a thinktank and knowledge network. Netspar is dedicated to promoting a wider understanding of the economic and social implications of pensions, aging and retirement in the Netherlands and Europe.

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