Victoria University Research Repository (Victoria University) · 2011 · 37 citations · 19 references
Open access
Public AffairsDemographyAging PolicyEconomic DemographyFertilityFinancial LiteracyOld-age Income SecurityPension FundsPension PolicyRetirement PolicyRetirement Security PolicyFinancial Literacy CampaignsRetirement Income PlanningRetirement Savings BehaviorSaving In Old AgeWomen's Financial Literacy
Governments face challenges in providing retirement income for ageing populations, and financial education—via seminars, written materials, and websites—has been shown to improve retirement planning and savings behavior. The study examines retirement fund members’ perspectives on the financial education resources offered by their fund. The authors assess differences in members’ views across gender, age, qualification level, and superannuation balance size. Results show that women and younger members are less likely to use educational materials and are at higher risk of insufficient retirement savings.
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.
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