Andrej Cupák|Gueorgui I. Kolev|Zuzana Brokešová
Financial literacy and voluntary savings for retirement: novel causal evidence
National Bank of Slovakia|Eurostat|Middlesex University|University of Economics in Bratislava
utilise recent household finance consumption survey microdata report first causal effects financial literacy voluntary private pension schemes participation central eastern european cee country namely slovakia savings retirement supplementary pension schemes positively associated financial literacy controlling set relevant socioeconomic variables one additional correctly answered financial literacy question leads 56 percentage points increase probability voluntary pension savings plan ordinary least squares estimates causal impact financial literacy increases 195 percentage points address potential endogeneity problems novel literature instrumental variables