Financial literacy amongst elderly Australians

Rui Xue; Adrian Gepp; Terry J. O'Neill; Steven Stern; Bruce J. Vanstone

doi:10.1111/acfi.12362

journal article Apr 14, 2018

Financial literacy amongst elderly Australians

Rui Xue

Adrian Gepp

Terry J. O'Neill

Steven Stern Bruce J. Vanstone

Accounting & Finance Vol. 59 No. S1 pp. 887-918 · Wiley

View at Publisher Save 10.1111/acfi.12362

Abstract

AbstractFinancial illiteracy is widespread amongst the elderly. Financially illiterate people are more likely to experience asset loss and outlive their savings after retirement. This paper measures financial literacy of elderly Australians using Item Responses Theory. Using a Lasso regression, we find that younger, married males with higher income and greater net wealth are more likely to be financially literate. Better financial literacy is also associated with good health, higher educational attainment, better occupation and outright home ownership. Our findings suggest policy‐makers take action and we make informed and practicable policy recommendations.

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Details

Published: Apr 14, 2018
Vol/Issue: 59(S1)
Pages: 887-918
License: View

Authors

R

Rui Xue