The Role of Financial Education in Retirement Planning

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Ntalianis, Michael and Wise, Victoria (2011) The Role of Financial Education in Retirement Planning. Australasian Accounting and Finance Journal, 5 (2). pp. 23-37. ISSN 1834-2000

Abstract

Governments in many countries are facing the challenge of providing sufficient retirement incomes for a population that is ageing as a result of lower mortality and fertility rates. An ageing population places considerable financial stress on government budgets as spending on welfare increases, further compounded by a proportional reduction in working-age taxpayers. Exposure to financial education programs can positively influence the retirement planning and savings behaviour of individuals. Research indicates that seminars, written communications and website information are effective methods in communicating financial education. In this study an investigation is conducted into the views of retirement fund members regarding elements of financial education resources made available to them through their retirement fund. Four aspects are investigated, that is, whether there are differences with respect to members’ views between the genders, older and younger members, levels of qualification, and size of superannuation balances. Empirical evidence suggests that gender and age are important factors with females and younger people less likely to utilise educational information and more at risk of not accumulating sufficient funds for retirement.

Additional Information

Article 3

Item type Article
URI https://vuir.vu.edu.au/id/eprint/9309
Official URL http://ro.uow.edu.au/aabfj/vol5/iss2/3/
Subjects Historical > Faculty/School/Research Centre/Department > School of Economics and Finance
Historical > FOR Classification > 1502 Banking, Finance and Investment
Historical > SEO Classification > 9001 Financial Services
Keywords ResPubID24057, ageing population, retirement incomes, financial education, superannuation, Australia
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