Financial Literacy Archives - Page 4 of 9 - Pension Policy International

30JunJune 30, 2023

UK. Half of DC pension savers don’t know how to access retirement pot

Almost half of defined contribution (DC) pension savers in their 50s and 60s have not considered how they will access their retirement pot, a study finds. The Institute for Fiscal Studies (IFS) research published today (30 June) finds that close to half of working-age people have at least a small amount of wealth held in DC pensions. Wealthier people are more likely to have DC pension wealth — 60% of individuals in the top tenth of the (non-pension) wealth distribution have...

June 30, 2023

NewsFinancial Literacy, savings, UK

04MayMay 4, 2023

Ghana. Govt urged to establish Financial Literacy Education Secretariat

The government has been urged to establish a Financial Literacy Education Secretariat to continuously educate the public on financial literacy issues. This proposal is contained in Ghana Financial Literacy Strategy (2021-2025), which was prepared by Asamoah and Williams Consulting and Trans-media Network as part of the Financial Literacy Education Project (FLEP) under the Ghana Financial Sector Development Project (GFSDP), funded by the World Bank. The Chief Executive Officer (CEO) of Asamoah and Williams Consulting, Mr Mawuko Williams, who made the call...

May 4, 2023

NewsFinancial Literacy, Ghana

24MarMarch 24, 2023

Retirement preparedness during uncertain times

By Fidelity 2023 RSA Executive Summary Fidelity’s Retirement Savings Assessment is built upon comprehensive data from more than 3,500 survey responses that are run through the extensive retirement planning platform Fidelity uses every day with customers. The result: a numerical indicator showing whether savers are on track to meet estimated retirement income needs. The score places households into four categories on the preparedness spectrum, based on a household’s ability to cover estimated retirement expenses in a down market. Read book here

March 24, 2023

Books, Books, Savings2023, Financial Literacy, Retirement Planning, savings, US

10MarMarch 10, 2023

The Influence of Financial Literacy on Retirement Planning in South Africa

By Nyasha Tapiwa Dhlembeu, Mamekwa Katlego Kekana & Mpinda Freddy Mvita Background: A shift in the retirement planning and pensions landscape has created an enormous responsibility for individuals to plan for their retirement provision actively. Very few South Africans reach the average retirement age of 65 years with sufficient funds to sustain themselves during their retirement. Purpose/objective: Using secondary data from the 2011 South African Social Attitudes Survey (SASAS), this study aims to examine the influence financial literacy has on the...

March 10, 2023

Articles, Savings2022, Behavioral Science, Financial Literacy, Retirement Planning, savings, South Africa

10MarMarch 10, 2023

A Leveraged Gender Gap: The Combined Effect of Longevity Risk (Mis)-Perception and Financial Risk-Taking

By Giovanna Apicella & Enrico G. De Giorgi Financial risk and longevity risk are the main risks affecting pension income. This paper analyses gender differences related to how financial risk taking and survival expectations are correlated. We analyse data from the “Survey of Health, Ageing and Retirement in Europe” (SHARE) database and find a significant gender gap in self-assessed risk tolerance, consistently with previous literature. Moreover, we show that individuals with realistic survival expectations (i.e., survival expectations that are close...

March 10, 2023

Articles, System Characterization2023, Financial Literacy, Gender Gap, Risk, savings

17FebFebruary 17, 2023

The Future of Global Retirement 2023

By Smart As perceptions of retirement shift across the world, in line with emerging technology and reforms to legislation, the industry needs to keep up and remain one step ahead. At Smart, we’re continuing to lead the way in research and development in this space, and as part of our mission, we’ll continue to share some of the insights we gain around the needs of savers across the world. In 2021, we launched our first ‘Future of Global Retirement’ report, taking...

February 17, 2023

Books, Books, Pension design2023, Financial Literacy, Retirement Planning, UK

08FebFebruary 8, 2023

Pension Withdrawals Drain Savings in Chile and Peru

By Richard Francis, Kelli Bissett-Tom & Christopher Dychala Peru, Chile and Bolivia have allowed early withdrawals from their funds as a source of relief for households and to support recoveries during the pandemic and the global price shock. But these have had negative financial and confidence ramifications, contributing to downgrades of Peru in 2021 and Chile in 2020. Longstanding private pension funds have been important supports for sovereign creditworthiness where they exist in Latin America. Pension fund assets have supported sovereign...

February 8, 2023

Books, Books, Regulation, Savings2022, Chile, COVID 19, Financial Literacy, Operations, Perú, Withdrawals

08FebFebruary 8, 2023

Early Pension Withdrawals in Chile During the Pandemic

By Olga Fuentes, Olivia S. Mitchell & Félix Villatoro Chile, with one of the largest and best funded defined contribution programs in Latin America, held over USD $200 bn in assets at the onset of the Covid-19 crisis, or more than 80% of GDP. Reacting to populist pressures during the pandemic, however, the government gave non-retired participants three separate opportunities to tap into their retirement accounts, leaving some 4.2 million participants with zero retirement savings and draining around $50 bn...

February 8, 2023

Articles, Operation, Pension design, Savings2023, Chile, COVID 19, Financial Literacy, Regulation, Withdrawals

01FebFebruary 1, 2023

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

Articles, System Sustainability2023, Financial Education, Financial Literacy, Longevity, Retirement Planning

26JanJanuary 26, 2023

Gender-Inclusive Financial and Demographic Literacy: Lessons from the Empirical Evidence

By: Giovanna Apicella, Enrico G. De Giorgi, Emilia Di Lorenzo & Marilena Sibillo Longevity crucially affects demand for pensions, insurance products and annuities. Consistent empirical evidence shows that women have historically experienced lower mortality rates than men. In this paper, we study a measure of the gender gap in mortality rates, we call “Gender Gap Ratio”, across a wide range of ages and for four countries: France, Italy, Sweden and USA. We show the stylized facts that characterize the trend...

January 26, 2023

Articles, Pension design2023, Financial Literacy, Gender Gap

June 2023

UK. Half of DC pension savers don’t know how to access retirement pot

May 2023

Ghana. Govt urged to establish Financial Literacy Education Secretariat

March 2023

Retirement preparedness during uncertain times

The Influence of Financial Literacy on Retirement Planning in South Africa

A Leveraged Gender Gap: The Combined Effect of Longevity Risk (Mis)-Perception and Financial Risk-Taking

February 2023

The Future of Global Retirement 2023

Pension Withdrawals Drain Savings in Chile and Peru

Early Pension Withdrawals in Chile During the Pandemic

Financial literacy, longevity literacy, and retirement readiness

January 2023

Gender-Inclusive Financial and Demographic Literacy: Lessons from the Empirical Evidence