NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

David Boisclair

Université du Québec à Montréal
Département des sciences économiques
Case postale 8888, Succ. Centre-Ville
Montréal (Québec) CANADA H3C 3P8

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NBER Working Papers and Publications

July 2014Financial Literacy and Retirement Planning in Canada
with Annamaria Lusardi, Pierre-Carl Michaud: w20297
Financial literacy and Canadians' capacity to plan for retirement is of primary importance for the policy debate over pension system reform in Canada. In this paper, we draw on internationally comparable survey evidence on financial literacy and retirement planning in Canada to investigate how financially literate Canadians are and who does plan for retirement. We find that 42 percent of respondents are able to correctly answer three simple questions measuring knowledge of interest compounding, inflation, and risk diversification. This is consistent with evidence from other countries, and Canadians perform relatively well in comparison to Americans but worse than individuals in other countries, such as Germany. Among Canadian respondents, the young and the old, women, minorities, and those...

Published: Boisclair, David & Lusardi, Annamaria & Michaud, Pierre-Carl, 2017. "Financial literacy and retirement planning in Canada," Journal of Pension Economics and Finance, Cambridge University Press, vol. 16(03), pages 277-296, July. citation courtesy of

 
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