Yoshihiko Kadoya|Mostafa Saidur Rahim Khan
Can financial literacy reduce anxiety about life in old age?
Nagoya University|Nagoya University
study examines role financial literacy reducing anxiety life old age hypothesize financial literacy increases preparedness old age better savings investment decisions leading accumulation assets earning income enhances financial capacity reduces anxiety using data nationwide panel survey japan provide evidence financial literacy reduce anxiety life old age making people capable accumulating assets earning income moreover interaction financial literacy age spouse reduces anxiety living children increases anxiety life old age check robustness results using alternative measure financial literacy changing composition sample controlling residents geographical dispersion testing endogeneity bias major findings remain unchanged considering factors