Author ORCID Identifier
Date Available
4-28-2021
Year of Publication
2021
Degree Name
Master of Science in Family Sciences (MSFS)
Document Type
Master's Thesis
College
Agriculture, Food and Environment
Department/School/Program
Family Sciences
First Advisor
Dr. Hyungsoo Kim
Abstract
The South Asian country of Sri Lanka has a rapidly aging population, but little attention has been paid to individuals and families' financial preparedness for retirement. This study aims to overview the current system of retirement preparedness in Sri Lanka, and to examine financial and pension literacy's role on the retirement preparedness. Specifically, this study evaluated three domains of retirement preparedness: planning for retirement and perceived retirement income adequacy (subjective measures, n = 142), and wealth accumulation (objective measure, n = 115). Results show that (1) financial literacy had a positive and statistically significant association with retirement preparedness (only with objective measure), (2) pension literacy had a positive and statistically significant association with both subjective and objective measures of retirement preparedness, and (3) there was no synergic effect between financial literacy and pension literacy for retirement preparedness. Important policy implications, suggestions on financial education, and future research implications are discussed.
Digital Object Identifier (DOI)
https://doi.org/10.13023/etd.2021.104
Recommended Citation
Rodrigo, Tiyani Lakshmi, "FINANCIAL LITERACY AND RETIREMENT PREPAREDNESS IN SRI LANKA: EVIDENCE FROM THE PRIVATE SECTOR EMPLOYEES" (2021). Theses and Dissertations--Family Sciences. 91.
https://uknowledge.uky.edu/hes_etds/91
