| ISSN: | 1640-1808 |
CASE REPORT
Pension literacy and consumers’ decisions
in the context of pension system reforms
1
Poznan University of Economics
Faculty of Management
Publication date: 2020-05-27
Corresponding author
Iwona Olejnik
Uniwersytet Ekonomiczny, Faculty of Management, Aleja Niepodległości 10, 61-875 Poznań, i.olejnik@ue.poznan.pl
Uniwersytet Ekonomiczny, Faculty of Management, Aleja Niepodległości 10, 61-875 Poznań, i.olejnik@ue.poznan.pl
Sylwester Białowąs
Uniwersytet Ekonomiczny, Faculty of Management, Aleja Niepodległości 10, 61-875 Poznań, sylwester.bialowas@ue.poznan.pl
Uniwersytet Ekonomiczny, Faculty of Management, Aleja Niepodległości 10, 61-875 Poznań, sylwester.bialowas@ue.poznan.pl
Problemy Polityki Społecznej 2015;29:13-33
KEYWORDS
ABSTRACT
The research problem of this article is the evaluation of the correlation between the
level of knowledge about pensions and the perception of the changes introduced by the
government in the pension system, as well as the correlation between the knowledge and
decisions made by consumers in connection with these changes. The study uses a triangulation of research methods. The used primary data were obtained from our qualitative and
representative quantitative studies. The research was a part of National Science Centre’s
research project (no. UMO-2012/05/B/HS4/04183).
The level of knowledge, both objective and subjective about the pension system is low.
The research positively verifies the hypothesis of the relationship between knowledge
on the evaluation of the changes in the pension system and the decisions concerning
additional saving. It must be highlighted that evaluations and decisions are associated
with the self-assessment of one’s knowledge much more than by the actual level of one’s
knowledge. The considerable challenge for the government and the institutions linked to
the pension system is to build financial pension awareness and encourage saving.
REFERENCES (42)
1.
Alba J.W., Hutchinson W.J. (1987), Dimensions of Consumer Expertise, Journal of Consumer Research, 13 (4), pp. 411–454.
2.
Alba J.W., Hutchinson W.J. (2000), Knowledge Calibration: What Consumers Know and What They Think They Know, „Journal of Consumer Research”, 27 (2), pp. 123–156.
3.
Atkinson, A., Messy F. (2012), Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, OECD Publishing. http://dx.doi.org/10.1787/5k9c....
4.
Beales, H., Mazis, M.B., Salop, S.C., Staelin, R. (1981), Consumer search and public policy, „Journal of Consumer Research”, Vol. 8, June, pp. 11–22.
5.
Bearden W.O., Hardesty D.M., Rose R.L. (2001), Consumer Self-Confidence: Refinements in Conceptualization and in Measurement, „Journal of Consumer Research”, 28 (1), pp. 121–134.
6.
Benartzi S., Thaler R.H. (2001), Naive Diversification Strategies in Defined Contribution Savings Plans, „American Economic Review”, 91 (1), pp. 79–98.
7.
Bernheim D. (1995), Do Households Appreciate their Financial Vulnerabilities? An Analysis of Actions, Perceptions, and Public Policy. In Tax Policy and Economic Growth. Washington, DC: American Council for Capital Formation.
8.
Bernheim D. (1998), Financial Illiteracy, Education and Retirement Saving. In: Living with Defined Contribution Pensions, ed. Mitchell O., Schieber S., Philadelphia: University of Pennsylvania Press.
9.
Bettman J.R., Park C.W. (1980), Effects of Prior Knowledge and Experience and Phase of the Choice Process on Consumer Decision Processes: A Protocol Analysis, „Journal of Consumer Research”, 7(3), pp. 234–248.
10.
Białowąs S., (2013), Zachowania oszczędnościowe w polskich gospodarstwach domowych. Postawy, determinanty, model, Wydawnictwo Uniwerstytetu Ekonomicznego w Poznaniu, Poznań.
11.
Białowąs S., Olejnik I. (2014), Saving Practices and Financial Pension Security in Households — Determinants, Attitudes, Models, Study report, unpublished. Poznań University of Economics, Poznań.
12.
Carlson J.P., Vincent L.H., Hardesty D.M., Bearden W.O. (2009), Objective and Subjective Knowledge Relationships: A Quantitative Analysis of Consumer Research Findings, „Journal of Consumer Research”, 35(5), pp. 864–876.
13.
Choi J.J., Laibson D., Madrian B.C. (2005), Are Empowerment and Education Enough? Underdiversification in 401 (k) Plans, „Brookings Papers on Economic Activity”, 36(2), pp. 151–198.
14.
Choi J.J., Laibson D., Madrian B.C., Metrick A. (2002), Defined Contribution Pensions: Plan Rules, Participant Choices, and the Path of Least Resistance, „Tax Policy and the Economy”, Vol. 16. Cambridge, MA: National Bureau of Economic Research, pp. 67–113.
15.
Clery E., McKay, S., Phillips M., Robinson C. (2007), Attitudes to pensions: the 2006 survey, DWP Research Report No. 434, HSMO, Norwich.
16.
Fernandes D, Lynch Jr. J.G., Netemeyer R.G. (2012), The Effect of Financial Literacy and Financial Education on Downstream Financial Behavior, Working paper, Leeds School of Business, University of Colorado Boulder.
17.
Fox C.R., Tversky A. (1995), Ambiguity Aversion and Comparative Ignorance, „Quarterly Journal of Economics”, 110 (3), pp. 585–603.
18.
Fox C.R., Weber M. (2002), Ambiguity Aversion, Comparative Ignorance, and Decision Context, „Organizational Behavior and Human Decision Processes”, 88 (1), pp. 476–498.
19.
Glamser F.D., (1976), Determinants of a positive attitude toward retirement, „Journal of Gerontology”, 31(1), pp. 104–107.
20.
Hadar L., Sood S., Fox C.R. (2013), Subjective knowledge in consumer financial decisions, „Journal of Marketing Research”, Vol L, June 2013, pp. 303–316.
21.
Heath C., Tversky A. (1991), Preference and Belief: Ambiguity and Competence in Choice Under Uncertainty, „Journal of Risk and Uncertainty”, 4(1), pp. 5–28.
22.
Helman R., Paladino V. (2004), Will Americans ever become savers? The 14th Retirement Confidence Survey, Issue Brief No. 268, Washington D.C.: Employee Benefit Research Institute. Retrieved November, 7, 2005, http://www.ebri.org/pdf/briefs....
23.
Jappelli T. (2005), Health risk and portfolio choice, Working Paper. University of Salerno.
24.
Langer T., Fox C.R. (2012), Partition-Dependence, Unit-Dependence, and Procedure-Dependence in Consumer Financial Decision, Working Paper, University of Muenster.
25.
Lusardi A. (2003), Planning and saving for retirement, Department of Economics, Dartmouth College. Hanover, NH: Dartmouth College.
26.
Lusardi A. (2008), Household Saving Behavior. The Role of Financial Literacy, Information, and Financial Education Programs, Working Paper 13824, National Bureau of Economic Research Working Paper Series.
27.
Lusardi A., Mitchell O.S. (2007), Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education, „Business Economics”, 42(1), pp. 35–44.
28.
McKenzie C.R.M., Liersch M.J. (2011), Misunderstanding Savings Growth: Implications for Retirement Savings Behavior, „Journal of Marketing Research”, 48 (Special Issue), pp. 1–13.
31.
Moore D. (2003), Survey of Financial Literacy in Washington State: Knowledge, Behavior, Attitudes, and Experiences, Technical report 03-39, Social and Economic Sciences Research Center, Washington State University.
32.
Moorman Ch., Diehl K., Brinberg D., Kidwell B. (2004), Subjective Knowledge, Search Location, and Consumer Choice, „Journal of Consumer Research”, 31(3), pp. 347–356.
33.
Mutran, E.J., Reitzes, D.C., Fernandez, M. E. (1997), Factors that influence attitudes toward retirement, „Research on Aging”, 19, pp. 251–273.
34.
Olshavsky R.W., Granbois D.H. (1979), Consumer decision making: fact or fiction?, „Journal of Consumer Research”, Vol. 6, pp. 93–100.
35.
Parker A.M., De Bruin W.B., Yoong J., Willis R. (2011), Inappropriate Confidence and Retirement Planning: Four Studies with a National Sample, „Journal of Behavioral Decision Making”.
36.
Pettigrew N., Taylor J., Lancaster, J., Madden, R. (2007), Live now, save later? Young people, saving and pensions, DWP Research Report No. 438, HSMO, Norwich.
37.
Radecki C.M., Jaccard J. (1995), Perceptions of Knowledge, Actual Knowledge and Information Search Behavior, „Journal of Experimental Social Psychology”, 31(2), pp. 107–138.
38.
Rowlingson K. (2002), Private pension planning: the rhetoric of responsibility, the reality of insecurity, „Journal of Social Policy”, Vol. 31 No. 4, pp. 623–642.
39.
Schwartz B. (1986), The Battle for Human Nature, W.W. Norton, New York, NY. Polish Language Dictionary PWN, http://sjp.pwn.pl/ (access: 20.08.2014).
40.
Świecka B. (ed.) (2008), Bankructwa gospodarstw domowych, Perspektywa ekonomiczna i społeczna, Difin, Warszawa, p. 237.
41.
Wojciszke B. (2003), Człowiek wśród ludzi. Zarys psychologii społecznej, Wydawnictwo Naukowe Scholar, Warszawa.
42.
Zaleśkiewicz, T. (1996), Wymiary ryzyka w inwestowaniu pieniędzy, „Czasopismo Psychologiczne”, 2, s. 153–159.
| ISSN: | 1640-1808 |
We process personal data collected when visiting the website. The function of obtaining information about users and their behavior is carried out by voluntarily entered information in forms and saving cookies in end devices. Data, including cookies, are used to provide services, improve the user experience and to analyze the traffic in accordance with the Privacy policy. Data are also collected and processed by Google Analytics tool (more).
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
