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Original scientific paper
https://doi.org/10.17535/crorr.2016.0022

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

Dajana Barbić   ORCID icon 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 icon 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

Fulltext: english, pdf (199 KB) pages 319-331 downloads: 650* cite
APA 6th Edition
Barbić, D., Palić, I. & Bahovec, V. (2016). Logistic regression analysis of financial literacy implications for retirement planning in Croatia. Croatian Operational Research Review, 7 (2), 319-331. https://doi.org/10.17535/crorr.2016.0022
MLA 8th Edition
Barbić, Dajana, et al. "Logistic regression analysis of financial literacy implications for retirement planning in Croatia." Croatian Operational Research Review, vol. 7, no. 2, 2016, pp. 319-331. https://doi.org/10.17535/crorr.2016.0022. Accessed 24 Jun. 2019.
Chicago 17th Edition
Barbić, Dajana, Irena Palić and Vlasta Bahovec. "Logistic regression analysis of financial literacy implications for retirement planning in Croatia." Croatian Operational Research Review 7, no. 2 (2016): 319-331. https://doi.org/10.17535/crorr.2016.0022
Harvard
Barbić, D., Palić, I., and Bahovec, V. (2016). 'Logistic regression analysis of financial literacy implications for retirement planning in Croatia', Croatian Operational Research Review, 7(2), pp. 319-331. doi: https://doi.org/10.17535/crorr.2016.0022
Vancouver
Barbić D, Palić I, Bahovec V. Logistic regression analysis of financial literacy implications for retirement planning in Croatia. Croatian Operational Research Review [Internet]. 2016 [cited 2019 June 24];7(2):319-331. doi: https://doi.org/10.17535/crorr.2016.0022
IEEE
D. Barbić, I. Palić and V. Bahovec, "Logistic regression analysis of financial literacy implications for retirement planning in Croatia", Croatian Operational Research Review, vol.7, no. 2, pp. 319-331, 2016. [Online]. doi: https://doi.org/10.17535/crorr.2016.0022

Abstracts
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.

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

Hrčak ID: 174210

URI
https://hrcak.srce.hr/174210

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