Financial Literacy and Retirement Planning in Sweden
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1 Financial Literacy and Retirement Planning in Sweden Johan Almenberg Swedish Ministry of Finance Jenny Säve-Söderbergh Swedish Institute for Social Research
2 Summary Major pension reform since mid 90s well designed emphasis on information provision Likely to have affected both financial literacy and planning for retirement broadening of financial literacy lowering of barriers to planning Less reason to expect a strong link between FL and planning
3 Summary Major pension reform since mid 90s well designed emphasis on information provision Likely to have affected both financial literacy and planning for retirement broadening of financial literacy lowering of barriers to planning Less reason to expect a strong link between FL and planning
4 Summary Major pension reform since mid 90s well designed emphasis on information provision Likely to have affected both financial literacy and planning for retirement broadening of financial literacy lowering of barriers to planning Less reason to expect a strong link between FL and planning
5 The Swedish pension system Public pension notional DC (16%) funded DC (2.5%) universal Occupational pension funded DC (2-5%) very common Private pension funded DC common Private pension plan Occupational pension plan Public pension incl. PPM
6 The Swedish pension system Limited downside guarantee pension Limits on choice small part of public pension contributions occupational schemes more important for high earners; likely to have higher FL Information provision information about investment options user-friendly projections about future value of pension benefits Tailored to the individual Sent to everybody once a year (the orange envelope ) Available online throughout the year
7 Measuring financial literacy Consumer survey commissioned by the Swedish Financial Supervisory Authority (Finansinspektionen) Telephone interviews 1,300 Swedish adults aged Representative sample Participation rate 45 percent
8 Levels of financial literacy Question 1: Interest Compounding* Question 2: Inflation Question 3: Risk Correct 36 % 59 % 69 % Incorrect 49 % 24 % 13 % dk 15 % 17 % 18 % Total 100 % 100 % 100 % Overall Performance 3 correct 22 % 0 correct 14 % 1 dk 34 % 3 dk 3 % *) Note: the wording used in the Swedish survey is slightly more difficult.
9 Levels of financial literacy Overall performance: decreases with age is lower for women is higher among joint decision-makers vs singles strongly increasing with education higher among high-income group (4th q.)
10 Levels of planning 24 % are categorized as planners Typically: older higher education higher income No diff men/women
11 Link between FL and Planning Planners have somewhat higher financial literacy: - 25 % vs 21 % 3 correct - 27 % vs 37 % 1 dk Probit regression: financial literacy not linked to planning Planning increases with age and income No link between education and planning
12 Table 10. Multivariate Analysis of Retirement Planning: Results from a Probit regression, reporting marginal effects Planner (0/1) Private Pension Savings (0/1) Financial Literacy: 3 correct (0.031) (0.044) Financial Literacy: 0-3 correct (0.015) (0.020) Men (0.028) (0.028) (0.037) (0.037) living with a partner *** 0.136*** (0.029) (0.029) (0.037) (0.037) age: 35 and younger * * *** *** (0.035) (0.035) (0.042) (0.043) age: * 0.106* (0.061) (0.061) (0.073) (0.073) age: 66 and older 0.238*** 0.238*** * * (0.042) (0.042) (0.048) (0.048) lower secondary education (0.047) (0.047) (0.067) (0.067) post-sec, non-tert. education (0.042) (0.042) (0.053) (0.053) first stage tertiary education ** 0.085** (0.033) (0.033) (0.041) (0.042) 2 nd quartile (0.050) (0.050) (0.055) (0.055) 3 rd quartile 0.132*** 0.134*** 0.313*** 0.312*** (0.051) (0.051) (0.045) (0.045) 4 th quartile 0.171*** 0.171*** 0.363*** 0.359*** (0.043) (0.044) (0.045) (0.045) Observations Note: Reference group is being female, single, age 36 to 50, having secondary education, 1 st income quartile.
13 Interpreting our results Planners have slightly higher financial literacy Differences in financial literacy betwen different demographic groups No link between financial literacy and planning when we control for individual characteristics In line with expectations. Twofold effects of Swedish pension reform Increased (widened) financial literacy Lowered barriers to planning for retirement, in terms of the demands on financial literacy
14 Interpreting our results Planners have slightly higher financial literacy Differences in financial literacy betwen different demographic groups No link between financial literacy and planning when we control for individual characteristics In line with expectations. Twofold effects of Swedish pension reform Increased (widened) financial literacy Lowered barriers to planning for retirement, in terms of the demands on financial literacy
15 Interpreting our results Planners have slightly higher financial literacy Differences in financial literacy betwen different demographic groups No link between financial literacy and planning when we control for individual characteristics In line with expectations. Twofold effects of Swedish pension reform Increased (widened) financial literacy Lowered barriers to planning for retirement, in terms of the demands on financial literacy
16 Interpreting our results Planners have slightly higher financial literacy Differences in financial literacy betwen different demographic groups No link between financial literacy and planning when we control for individual characteristics In line with expectations. Twofold effects of Swedish pension reform Broadening of financial literacy Lowering of barriers to planning for retirement, in terms of the demands on financial literacy
Paul Larsson/Arne Paulsson
1 Pension Schemes in Sweden Private Pension Occupational Pension Public Pension: - 1,85 million pensioners - 5,45 million pension savers - 200 billion SEK paid out annually for NDC and FDC - 20 billion
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