October 2024
07Oct

Ghana. Authority to educate on pensions in churches.

The National Pensions Regulatory Authority (NPRA) has marked what they call 'Pension Sunday'—a special day devoted to enlightening church congregations and the broader public about the significance of investing in their future through pension schemes. In recent years, the NPRA, the regulatory body overseeing Ghana's three-tier pension system, has significantly intensified its advocacy efforts, particularly targeting the informal sector. "Our goal is simple," stressed Mr. John Mbroh, Chief Executive Officer of the NPRA, "we want everyone, especially those in the informal...

October 7, 2024
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June 2024
07Jun

Early-Life Circumstances and Racial Disparities in Cognition for Older Americans: The Importance of Educational Quality and Experiences

By Zhuoer Lin, Justin Ye, Heather Allore, Thomas M. Gill & Xi Chen Given the critical role of neurocognitive development in early life, this study assesses how racial differences in early-life circumstances are collectively and individually associated with racial disparities in late-life cognition. Leveraging uniquely rich information on life history from the U.S. Health and Retirement Study for non-Hispanic White (White) and non-Hispanic Black (Black) Americans 50 years or older, we employ the Blinder-Oaxaca method to decompose racial gaps in...

June 7, 2024
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March 2024
15Mar

OECD/INFE 2023 International Survey of Adult Financial Literacy

By OECD Understanding current levels of financial literacy and needs is key for the effective development of financial literacy strategies and programmes. This report presents the results of an international survey of financial literacy levels among adults. A total of 39 countries and economies, of which 20 are OECD member countries, participated in this third coordinated measurement exercise using the globally recognized OECD/INFE 2022 Toolkit for Measuring Financial Literacy and Financial Inclusion to measure financial literacy levels among their adult...

March 15, 2024
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15Mar

The Lifelong Benefits of Improved Financial Literacy

By Annamaria Lusardi Annamaria Lusardi talked with Retirement Management Journal Editorial Advisory Board Members in June 2023 about benchmarking and assessing financial literacy, how it compares globally and why it matters, and providing financial education to improve retirement readiness. Source SSRN

March 15, 2024
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January 2024
29Jan

UK. Privately educated adults ‘more likely to have learned about pensions at school’

People who attended a private school are more likely to say they learned about pensions at school (20%) than those who were state-educated (6%), a survey has indicated. More than two-fifths (42%) of privately educated 35 to 44-year-olds said they reviewed or reassessed their pension pot at least once a year, compared with less than a fifth (17%) of state school-educated peers of the same age. Privately educated people were also more likely to hold private pensions outside of employment-linked pensions (40%),...

January 29, 2024
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May 2023
30May

Ghana. Ministry of Finance holds financial literacy workshop for businesses

The Ministry of Finance, in collaboration with the World Bank, Bank of Ghana, and other financial institutions has held a financial literacy training workshop for businesses in Tamale. The workshop, which was under the National Financial Education Campaign Programme, sought to strengthen citizens’ financial capabilities and promote responsible financial behaviours. It was attended by industry players in the financial sector including representatives of the Securities and Exchange Commission, National Pensions Regulatory Authority, National Insurance Commission, and the Ghana Microfinance Institutions Network. Mr...

May 30, 2023
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February 2023
16Feb

Third of UK savers unaware of their retirement options

The firm's Future of Global Retirement report - which surveyed 8,000 savers across the UK, Australia, South Africa and the US - found the UK ranked lowest when it came to understanding of savers' options at retirement. The report - published today (16 February) - discovered with the increasing cost of living, a third (34%) of respondents are concerned they would be unable to afford their day-to-day living costs in retirement. The research revealed a gender discrepancy as 38% of...

February 16, 2023
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01Feb

Financial literacy, longevity literacy, and retirement readiness

By Paul Yakoboski, Annamaria Lusardi & Andrea Hasler Six years of data from the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) clearly demonstrate that U.S. adults with greater financial literacy tend to have better financial well-being. This report shows that retirement readiness, a specific realm of financial well-being, likewise tends to be better among those with greater financial literacy. In addition, it shows that retirement readiness is also related to longevity literacy. While typically an overlooked factor, the importance of...

February 1, 2023
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January 2023
18Jan

A Behaviorally Informed Financial Education Program for the Financially Vulnerable: Design and Effectiveness

By Ernst-Jan de Bruijn, Gerrit Antonides & Tamara Madern Financially vulnerable consumers are often associated with suboptimal financial behaviors. Evaluated financial education programs so far show difficulties to effectively reach this target population. In our attempt to solve this problem, we built a behaviorally informed financial education program incorporating insights from both motivational and behavioral change theories. In a quasi-experimental field study among Dutch financially vulnerable people, we compared this program with both a control group and a traditional program group....

January 18, 2023
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November 2022
01Nov

Poor returns show why more pensions knowledge needed, says Denmark’s IPD

Danish industry association IPD said average market-rate pension savings in the Nordic country have fallen 14% so far this year, and such poor performance showed why people need more pensions knowledge. Kent Damsgaard, chief executive officer of Insurance & Pension Denmark (IPD), said: “The crisis and the poor returns in 2022 emphasise why it is so important that Danes know more about their pension schemes.” After many years of good returns, he said, people’s savings as well as their pension payouts...

November 1, 2022
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