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https://doi.org/10.17535/crorr.2016.0022

Logistic regression analysis of financial literacy implications for retirement planning in Croatia

Dajana Barbić orcid id orcid.org/0000-0003-2580-0269 ; Department of Statistics, Faculty of Economics and Business, University of Zagreb, Trg J.F. Kennedy 6, 10000 Zagreb, Croatia
Irena Palić orcid id orcid.org/0000-0002-7525-0640 ; Department of Statistics, Faculty of Economics and Business, University of Zagreb, Trg J.F. Kennedy 6, 10000 Zagreb, Croatia
Vlasta Bahovec ; Department of Statistics, Faculty of Economics and Business, University of Zagreb, Trg J.F. Kennedy 6, 10000 Zagreb, Croatia


Puni tekst: engleski pdf 199 Kb

str. 319-331

preuzimanja: 1.224

citiraj


Sažetak

The relationship between financial literacy and financial behavior is important, as individuals are increasingly being asked to take responsibility for their financial wellbeing, especially their retirement. Analyzing of individual savings and attitudes towards retirement planning is important, as these types of investments are a way of preserving security during years of financial vulnerability. Research indicates that individuals who do not save adequately for their retirement, generally have a relatively low level of financial literacy. This research investigates the relationship between financial literacy and retirement planning in Croatia. To analyze the relationship between financial literacy and planning for retirement, maximum likelihood logistic regression analysis was used. The paper shows that those who answer financial literacy questions correctly are more likely to have a positive attitude towards retirement planning and are more likely to save for retirement, ensuring them of higher levels of financial security in retirement. The Goodness-of-Fit evaluation for the estimated logit model was performed using the Andrews and Hosmer-Lemeshow Tests.

Ključne riječi

financial literacy, maximum likelihood estimation, logistic regression analysis, retirement planning, saving for retirement, survey research

Hrčak ID:

174210

URI

https://hrcak.srce.hr/174210

Posjeta: 1.748 *