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Does financial education influence retirement savings? An examination of Australian employees

Kerry, Michael, Clayton, Bruce and Olynyk, M. 2006, Does financial education influence retirement savings? An examination of Australian employees, in SAAA 2006 : Southern African Accounting Association Biennial International Conference : Sun City, South Africa, 26-28 June 2006, SAAA, [Sun City, South Africa], pp. 1-19.

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Title Does financial education influence retirement savings? An examination of Australian employees
Author(s) Kerry, Michael
Clayton, Bruce
Olynyk, M.
Conference name Southern African Accounting Association International Conference (2006 : Sun City, South Africa)
Conference location Sun City, South Africa
Conference dates 28 June-30 June 2006
Title of proceedings SAAA 2006 : Southern African Accounting Association Biennial International Conference : Sun City, South Africa, 26-28 June 2006
Editor(s) Firer, Steven
Publication date 2006
Conference series Southern African Accounting Association International Conference
Start page 1
End page 19
Publisher SAAA
Place of publication [Sun City, South Africa]
Keyword(s) superannuation
retirement
investment strategies
education
defined benefit
defined contribution
Summary In order to ensure a financially secure retirement, Australians will need to plan and save for their retirement many decades before they retire.

The age pension, paid for out of Commonwealth government taxes is currently the backbone of the retirement system, but will not replace as much pre-retirement income in the future as it does today. Given the shift from the defined benefit style to the accumulation style, superannuation funds involve considerably more uncertainty, and as such, one might have thought that individuals would be saving more on their own. But personal saving outside of superannuation plans is virtually non-existent. Combine the retirement income crunch with the dramatic increase in life expectancy, and the need for careful retirement planning and sacrificing current consumption for later consumption becomes imperative for ensuring the financial security of older Australians. The hard question is whether individuals will be prepared to make the necessary sacrifices today to ensure a more secure financial future in retirement? This paper explores the willingness of individuals to make these sacrifices, and whether financial education can influence individuals in this difficult decision.
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ISBN 0868867179
9780868867175
Language eng
Field of Research 150203 Financial Institutions (incl Banking)
HERDC Research category E1 Full written paper - refereed
ERA Research output type E Conference publication
Copyright notice ©2006, SAAA
Persistent URL http://hdl.handle.net/10536/DRO/DU:30006089

Document type: Conference Paper
Collections: School of Accounting, Economics and Finance
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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.