The influence of financial literacy on retirement planning in South Africa

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dc.contributor nyasha.dhlembeu@up.ac.za en_US
dc.contributor.author Dhlembeu, Nyasha Tapiwa
dc.contributor.other Kekana, Mamekwa Katlego
dc.contributor.upauthor Mvita, Mpinda Freddy
dc.date.accessioned 2023-01-23T10:30:47Z
dc.date.available 2023-01-23T10:30:47Z
dc.date.issued 2022-07-01
dc.description.abstract BACKGROUND : A shift in the retirement planning and pensions landscape has created an enormous responsibility for individuals to plan for their retirement provision actively. Very few South Africans reach the average retirement age of 65 years with sufficient funds to sustain themselves during their retirement. PURPOSE/OBJECTIVE : Using secondary data from the 2011 South African Social Attitudes Survey (SASAS), this study aims to examine the influence financial literacy has on the retirement planning of South Africans. The secondary aim of the study was to investigate the financial literacy and retirement planning behaviour of certain demographic groups: gender, age, race, education, and income levels. DESIGN/METHODOLOGY : Binomial logistic regression is used to establish if financial literacy influences planning for retirement. FINDINGS : The results show that financial literacy significantly influences retirement planning. Furthermore, only 24% of South Africans actively plan for retirement and financial literacy was particularly low among women, less educated individuals and Black African people. RESEARCH LIMITATIONS : Firstly, the study relies on self-reported measures. Secondly, the binomial logistic regression analysis only indicates the likelihood of an individual planning for retirement based on their financial literacy score. ORIGINALITY/VALUE : This study contributes to retirement planning literature as it is one of the few studies that explore retirement planning and financial literacy in the context of a developing country using a geographic, nationally representative sample. en_US
dc.description.department Financial Management
dc.description.uri https://doi.org/10.25159/1998-8125/9490 en_US
dc.description.uri https://unisapressjournals.co.za/index.php/SABR
dc.identifier.citation Dhlembeu, N.T., Kekana, M.K., Mvita, M.F. 2022. “The Influence of Financial Literacy on Retirement Planning in South Africa”. South African Business Review vol. 26, art. #9490, pp. 1-25. https://doi.org/10.25159/1998-8125/9490. en_US
dc.identifier.issn 1561-896X (print)
dc.identifier.issn 1998-8125 (online)
dc.identifier.other 10.25159/1998-8125/9490
dc.identifier.uri https://repository.up.ac.za/handle/2263/88919
dc.language.iso en en_US
dc.publisher 10.25159/1998-8125/9490 en_US
dc.rights © The Author(s) 2022. This is an Open Access article distributed under the terms of the Creative Commons Attribution-ShareAlike 4.0 International License (https://creativecommons.org/licenses/by-sa/4.0/). en_US
dc.subject Retirement planning en_US
dc.subject Financial behavior
dc.subject Retirement savings
dc.subject South Africa (SA)
dc.subject Financial literacy
dc.title The influence of financial literacy on retirement planning in South Africa en_US
dc.type Article en_US


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