Rob Alessie|Maarten <!>van Rooij|Annamaria Lusardi
Financial Literacy, Retirement Preparation and Pension Expectations in the Netherlands
Tilburg University|University of Groningen|Network for Studies on Pensions, Aging and Retirement|De Nederlandsche Bank|Network for Studies on Pensions, Aging and Retirement|George Washington University|National Bureau of Economic Research
present new evidence financial literacy retirement preparation netherlands based two surveys conducted onset financial crisis document financial knowledge increase 2005 2010 significantly individuals planned retirement 2010 time employees expectations level pension income high compared retirement plans may realistically provide however financially knowledgeable employees report lower expected replacement rates acknowledge higher levels uncertainty moreover using instrumental variation financial conditions financial knowledge relatives find positive effect financial literacy retirement preparation employing panel feature dataset show financial knowledge causal impact retirement planning findings suggest formation pension expectations might important mechanism contributing impact financial literacy planning