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The Role of Financial Literacy in Retirement Investment Choice

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F04130081%3A_____%2F19%3AN0000056" target="_blank" >RIV/04130081:_____/19:N0000056 - isvavai.cz</a>

  • Result on the web

    <a href="http://economic-policy.pl/index.php/journal-issues/archive/45-2019-volume-14-issue-4" target="_blank" >http://economic-policy.pl/index.php/journal-issues/archive/45-2019-volume-14-issue-4</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.24136/eq.2019.027" target="_blank" >10.24136/eq.2019.027</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    The Role of Financial Literacy in Retirement Investment Choice

  • Original language description

    Research background: Preparation for retirement is a major concern for the people in the workforce as they have to encounter considerable difficulties in making the right investment decisions for their retirement. Purpose of the article: This research extends the literature on personal finance by investigating the impact of both financial literacy levels and pension knowledge on employees' investment choice decision for their retirement, while in previous literature the role of these factors has mainly been explored separately. Methods: To conduct the research, a survey questionnaire was applied to collect data in three main regions of Vietnam comprising Northern. Central and Southern Vietnam. Data collection was made in 2018, in which 427 valid questionnaires Were used for data analysis from 700 questionnaires. Two estimation methods are employed for analysis in this study, including a linear probability model (LPM) and two-stage least squares (2SLS) model. The findings of this research remain significant after the Two-Stage Least Squares (2SLS) regression model is used as an estimation technique to eliminate potential bias caused by endogenous problems. Finding & Value added: 'the results show that basic financial literacy level and pension knowledge are principal factors which significantly increase the probability of exercising retirement investment choice of employees, while advanced financial literacy level factor has a significant effect on choosing growth investing options for their retirement. Further. this research finds that there is no correlation between employees' financial risk tolerance and their retirement investment choice. Furthermore, the study proposes and offers new evidence that pension knowledge is a decisive factor providing employees with encouragement to exercise retirement investment choice and those who consult with financial advisors tend to take part in growth investing option.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50206 - Finance

Result continuities

  • Project

  • Continuities

    N - Vyzkumna aktivita podporovana z neverejnych zdroju

Others

  • Publication year

    2019

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Equilibrium. Quarterly Journal of Economics and Economic Policy

  • ISSN

    1689-765X

  • e-ISSN

    2353-3293

  • Volume of the periodical

    14

  • Issue of the periodical within the volume

    4

  • Country of publishing house

    PL - POLAND

  • Number of pages

    21

  • Pages from-to

    569-589

  • UT code for WoS article

    000511458600001

  • EID of the result in the Scopus database