Author ORCID Identifier

https://orcid.org/0000-0002-7995-1161

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

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