Naslov
Investigating Retirement Planning Behavior of Financially (Il) Literate Citizens in Croatia

Autori
Barbić, Dajana ; Palić, Irena ; Lučić, Andrea

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Proceedings of the 32nd International Business Information Management Association Conference ; Vision 2020: Sustainable Economic Development and Application of Innovation Management from Regional expansion to Global Growth / Khalid S. Soliman - Sevilla, 2018, 5199-5204

ISBN
978-0-9998551-1-9

Skup
32nd International Business Information Management Association Conference (32nd IBIMA)

Mjesto i datum
Sevilla, Španjolska, 15.11.2018. - 16.11.2018

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Financial Literacy, Retirement planning, Socio-Demographic Characteristics, Croatia, K-Means Cluster Analysis.

Sažetak
Individuals are becoming increasingly responsible for securing their own standard of living after retirement. The current retirement system is confronted with various problems related to population ageing, increased life expectancy, younger population emigration and an unfavorable ratio of retirees to workers. Also, many individuals in Croatia have not managed to develop an adequate retirement saving plan. The research is aimed at discussing financial literacy of Croatian financial consumers and classifying them based on the level of financial literacy. The purpose is to investigate level of engagement in planning for retirement of financially literate and illiterate individuals. Furthermore, other characteristics of financially literate/illiterate consumers such as age, income, number of household members and level of education are also investigated. Clusters of financially (il)literate consumers are obtained using K-means approach. The conducted empirical analysis discloses that individuals with higher level of financial literacy are highly involved in retirement planning, are older, have a higher level of general education, and have higher income and lower number of household members. The findings of this research may serve as a foundation for development and improvement of national financial and retirement policy measures and for further development of both financial literacy and retirement planning programs.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija, Obrazovne znanosti (psihologija odgoja i obrazovanja, sociologija obrazovanja, politologija obrazovanja, ekonomika obrazovanja, antropologija obrazovanja, neuroznanost i rano učenje, pedagoške discipline)

Napomena
This research is supported by Croatian Science Foundation: “STatistical modelling for Response to crisis and EcoNomic GrowTH in Western Balkan countrieS” (STRENGTHS) (project no. HRZZ-IP-2013-11-9402)

POVEZANOST RADA