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Evaluating the impact of financial literacy programs on the retirement savings of superannuation fund members

Kerry, Michael, Clayton, Bruce and Olynyk, Marc 2007, Evaluating the impact of financial literacy programs on the retirement savings of superannuation fund members, International Review of Business Research Papers, vol. 3, no. 1, pp. 73-88.

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Title Evaluating the impact of financial literacy programs on the retirement savings of superannuation fund members
Author(s) Kerry, Michael
Clayton, Bruce
Olynyk, Marc
Journal name International Review of Business Research Papers
Volume number 3
Issue number 1
Start page 73
End page 88
Publisher World Business Institute
Place of publication Melbourne, Vic.
Publication date 2007-03
ISSN 1832-9543
Keyword(s) superannuation
retirement
investment strategies
education
defined benefit
defined contribution
Summary Currently, in Australia, the age pension, paid for out of Commonwealth government taxes, forms the basis of Australia’s retirement income system, however, given the reality of an ageing population has compelled the government to undertake a number of measures to shift the responsibility for saving to the individual, forcing them to accept an increasing level of responsibility for their financial decision-making. In the light of the changing retirement environment, it would be expected that Australians’ would ensure that they became financially literate, however, despite the amount of information and advice available in the market place, this is not the case, and they do not appear to be appropriately prepared for their retirement. Recognising the importance of financial literacy, an increasing number of government agencies, employers, superannuation funds and schools are implementing financial literacy programs in Australia. This article provides an overview of the impact that attending a financial education seminar has on the retirement decisions and settings of participants. Evidence is provided from this research that in the short term, providing financial education programs make a difference to an individual’s intended retirement settings. However, the impact of these education programs in changing investment behaviour is less conclusive.
Notes Reproduced with the kind permission of the copyright owner.
Language eng
Field of Research 130203 Economics, Business and Management Curriculum and Pedagogy
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2007, World Business Institute
Persistent URL http://hdl.handle.net/10536/DRO/DU:30007023

Document type: Journal Article
Collections: School of Accounting, Economics and Finance
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