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Financial Literacy and Retirement Preparation in Portugal
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Resumo(s)
The responsibilities of individuals concerning retirement decisions have been increasing through time, and financial literacy has been rising as an important instrument to help individuals reach this stage of life with acceptable possessions. This master’s dissertation intends to look further on the impacts that financial literacy may have on retirement preparation, in Portugal, and what more variables may have implications on it. It aims also to better define these concepts and to give an overview of the retirement preparation environment in Portugal. Using a survey with international comparability, the basic financial literacy level in Portugal was assessed. This includes a descriptive statistics segment and the usage of logistic regression models to verify possible relationships between retirement readiness, financial literacy, and other tested variables. The main results reveal a good hit rate in the basic financial questions. The corrected responses are at least equal or better compared to the existing literature. A positive and significant impact of financial literacy on retirement preparation is found. The gender of an individual is also statistically significant, with men being considered more prepared for retirement than women. This may mean that developing financial literacy in the country may lead to better prepared for retirement citizens.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and Management
Palavras-chave
Financial Literacy Retirement Preparation Pensions Portuguese Pensions System International Comparison