Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors
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Published
31 January 2023
Keywords:
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employee provident fund, pension literacy, retirement preparedness, Sri Lanka financial literacy
Abstract
Sri Lanka has a rapidly aging population in South Asia, but little attention is given to financial preparedness for retirement. This study expects to provide an overview of the current retirement system in Sri Lanka and investigate financial and pension literacy's role in retirement preparedness. This study administered an online survey to study retirement preparedness subjectively (n = 142) and objectively (n = 115) among the EPF contributors. This non-experimental study uses an online survey to assess financial and pension literacy's roles in retirement preparedness. This study used ordered logistic (Ologit) regressions and ordinary least squares (OLS) regressions to test the two hypotheses. Results indicate a positive and statistically significant association between financial (only objective measure) and pension literacy and retirement preparedness. However, another study shows no synergy effect between financial and pension literacy. Conclusively, drawing policymakers' attention to diversifying EPF investments, including financial and pension literacy concepts in workplace workshops and studying pension literacy and retirement preparedness in different samples.
References
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Bönte, W., & Filipiak, U. (2012). Financial literacy, information flows, and caste affiliation: Empirical evidence from India. Journal of Banking and Finance, 36, 3399-3414. https://doi.org/10.1016/j.jbankfin.2012.07.028
Browning, M., & Crossley, T. F. (2001). The Life-Cycle model of consumption and saving. The Journal of economic perspectives, 15(3), 3-22. https://doi.org/10.1257/jep.15.3.3
Bucher-Koenen, T., Lusardi, A., Alessie, R., & van Rooij, M. (2017). How Financially Literate Are Women? An Overview and New Insights. Journal of Consumer Affairs, 51(2), 255-283. https://doi.org/10.1111/joca.12121
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Chan, S., & Stevens, A. H. (2008). What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision-Making. The review of economics and statistics, 90(2), 253-266. https://doi.org/10.1162/rest.90.2.253
Chomik, R., & Piggott, J. (2013). Asia in the aging century: Part I - population trends. A. C. o. E. i. P. A. Research.
Chomik, R., & Piggott, J. (2015). Population Ageing and Social Security in Asia. Asian economic policy review, 10(2), 199-222. https://doi.org/10.1111/aepr.12098
De Mel, N. C. (2000). Designing retirement income security arrangements: Theory, issues and applications to Sri Lanka.
Dwyer, P. D., Gilkeson, J. H., & List, J. A. (2002). Gender differences in revealed risk taking: evidence from mutual fund investors. Economics letters, 76(2), 151-158. https://doi.org/10.1016/S0165-1765(02)00045-9
Ekerdt, D. J. (2002). Workers' ignorance of retirement Benefits. The Gerontologist, 42(4).
Elinder, M., Hagen, J., Nordin, M., & Säve-Söderbergh, J. (2020). Who lacks pension knowledge, why and does it matter?: Evidence from Swedish retirement savers.
Employee Provident Fund. (2016). Annual Report.
Fenton-O'Creevy, & Furnham, A. (2022). Money attitudes, financial capabilities, and impulsiveness as predictors of wealth accumulation. PloS One, 17(11), e0278047–e0278047. https://doi.org/10.1371/journal.pone.0278047
Finseraas, H., & Jakobsson, N. (2014). Does information about the pension system affect knowledge and retirement plans? Evidence from a survey experiment. Journal of Pension Economics & Finance, 13(3), 250-271. https://doi.org/http://dx.doi.org/10.1017/S1474747213000310
Finseraas, H., Jakobsson, N., & Svensson, M. (2017). Do knowledge gains from public information campaigns persist over time? Results from a survey experiment on the Norwegian pension reform. Journal of Pension Economics & Finance, 16(1), 108-117. https://doi.org/10.1017/S1474747215000098
Frémeaux, N., & Leturcq, M. (2022). Wealth accumulation and the gender wealth gap across couples' legal statuses and matrimonial property regimes in France. European Journal of Population, 38(4), 643-679.
Gamaniratne, N. (2007). Population aging, policy responses and options to extend retirement coverage: Case study of Sri Lanka. Sri Lanka Retrieved from https://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/2523.pdf
Goonatilaka WSM and De Silva WI. Longer life and stagnated retirement age: Sri Lankan perspectives. Soc Work Soc Welf, 4(1): 179-184. https://doi.org/10.25082/SWSW.2022.01.002
Goyal, & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80–105. https://doi.org/10.1111/ijcs.12605
Griesdorn, T. S., & Durband, D. B. (2016). Does self-control predict wealth creation among young baby boomers?. Journal of Family and Economic Issues, 37(1), 18-28. https://doi.org/10.1007/s10834-015-9437-4
Griesdorn, T. S., Lown, J. M., DeVaney, S. A., Cho, S. H., & Evans, D. A. (2014). Association between Behavioral life-cycle constructs and financial risk tolerance of low-to-moderate-income households. Financial counseling and planning, 25(1), 27. https://doi.org/https://ssrn.com/abstract=2466555
Hanna, S. D., Kim, K. T., & Chen, S. C. (2016). Retirement Saving. In J. J. Xiao (Ed.), Handbook of Consumer Finance Research (Second ed., pp. 33-43). Springer Nature.
HelpAge International. (2021). Ageing population: Situation of older people. https://ageingasia.org/ageing-population-bangladesh/
Henager, R., & Cude, B. J. (2016). Financial literacy and long- and short-term financial behavior in different age groups. Journal of Financial Counseling and Planning, 27, 3-19. https://doi.org/10.1891/1052-3073.27.1.3
Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296-316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Juster, F. T., & Suzman, R. (1995). An overview of the Health and Retirement Study. The Journal of human resources, 30(1), S7-S56. https://doi.org/10.2307/146277
Karunarathne, W. (2003). Social Security Arrangements in Sri Lanka: An Assessment. Indian Journal of Social Development, 3(2), 129-155. https://doi.org/http://www.serialsjournals.com/archives.php?journals_id=19
KhoirunnisaaJ., & JohanI. R. (2020). The Effects of Financial Literacy and Self-Control towards Financial Behavior among High School Students in Bogor. Journal of Consumer Sciences, 5(2), 73-86. https://doi.org/10.29244/jcs.5.2.73-86
Kim, K. T., & Hanna, S. D. (2015). Do US households perceive their retirement preparedness realistically? Financial services review (Greenwich, Conn.), 24(2), 139.
Kim, K. T., Hanna, S. D., & Chen, S. C.-C. (2014). Consideration of retirment income stages in planning for retirement. Journal of personal finance, 13(1), 52.
Klapper, L., Lusardi, A., & Panos, G. A. (2013). Financial literacy and its consequences: Evidence from Russia during the financial crisis. Journal of banking & finance, 37(10), 3904-3923. https://doi.org/10.1016/j.jbankfin.2013.07.014
Klapper, L., Lusardi, A., & van Oudheusden, P. (2014). Financial literacy around the world: Insights from the Standard and Poor's Ratings Services golbal financial literacy survey. Retrieved from https://gflec.org/wp-content/uploads/2015/11/Finlit_paper_16_F2_singles.pdf
Kumara, A. S., & Pfau, W. (2012). Reforming pension funds in Sri Lanka: International diversification and The Employees' Provident Fund. Australian Economic Papers, 51, 23-37. https://doi.org/10.1111/j.1467-8454.2012.00420.x
Landerretche, O. M., & MartÍNez, C. (2013). Voluntary savings, financial behavior, and pension finance literacy: evidence from Chile. Journal of Pension Economics & Finance, 12(3), 251-297. https://doi.org/10.1017/S1474747212000340
Liebman, J. B., & Luttmer, E. F. P. (2015). Would peole behave differently if they better understood Social Security? Evidence from a field experiment. American Economic Journal, 7(1). https://doi.org/10.1257/pol.20120081
Lusardi, A. (2007). Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54(2007), 205-224. doi:10.1016/j.jmoneco.2006.12.001
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1-8.
Lusardi, A., & Mitchell, O. (2009). How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness (15350). National Bureau of Economic Research. Retrieved from http://www.nber.org/papers/w15350
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence Journal of Economic Literature, 52, 5-44. https://doi.org/10.1257/jel.52.1.5
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358-380. https://doi.org/10.1111/j.1745-6606.2010.01173.x
Lütkepohl, H., Lütkepohl, H., Xu, F., & Xu, F. (2012). The role of the log transformation in forecasting economic variables. Empirical Economics, 42(3), 619-638. https://doi.org/10.1007/s00181-010-0440-1
Martin, T. K., Guillemette, M. A., & Browning, C. M. (2016). Do retirement planning strategies alter the effect of time preference on retirement wealth? [Article]. Applied Economics Letters, 23(14), 1003-1005. https://doi.org/10.1080/13504851.2015.1128068
Mastrobuoni, G. (2011). The role of information for retirement behavior: Evidence based on the stepwise introduction of the Social Security Statement. Journal of Public Economics, 95(7), 913-925. https://doi.org/10.1016/j.jpubeco.2011.01.003
Meeuwis, M. (July 15, 2020). Wealth fluctuations and risk preferences: Evidence from US investor portfolios. Meeuwis, Maarten, Wealth Fluctuations and Risk Preferences: Evidence from U.S. Investor Portfolios (July 15, 2020). http://dx.doi.org/10.2139/ssrn.3653324
Mitchell, O. S. (1988). Worker Knowledge of Pension Provisions. Journal of Labor Economics, 6(1), 21-39. https://doi.org/10.1086/298173
Mitchell, O. S., & Lusardi, A. (2011). Financial Literacy and Planning: Implications for Retirement Wellbeing. National Bureau of Economic Research. doi: 10.3386/w17078
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Authors
RodrigoT., & Hyungsoo Kim. (2023). Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors. Journal of Consumer Sciences, 8(1), 57-76. https://doi.org/10.29244/jcs.8.1.57-76
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