Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors
Sri Lanka has a rapidly aging population in South Asia, but little attention is given to financial preparedness for retirement. This study expects to provide an overview of the current retirement system in Sri Lanka and investigate financial and pension literacy's role in retirement preparedne...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Department of Family and Consumer Sciences, Faculty of Human Ecology, IPB University
2023-01-01
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| Series: | Journal of Consumer Sciences |
| Subjects: | |
| Online Access: | https://journal.ipb.ac.id/index.php/jcs/article/view/44233 |
| _version_ | 1827802318088699904 |
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| author | Tiyani Rodrigo Hyungsoo Kim |
| author_facet | Tiyani Rodrigo Hyungsoo Kim |
| author_sort | Tiyani Rodrigo |
| collection | DOAJ |
| description |
Sri Lanka has a rapidly aging population in South Asia, but little attention is given to financial preparedness for retirement. This study expects to provide an overview of the current retirement system in Sri Lanka and investigate financial and pension literacy's role in retirement preparedness. This study administered an online survey to study retirement preparedness subjectively (n = 142) and objectively (n = 115) among the EPF contributors. This non-experimental study uses an online survey to assess financial and pension literacy's roles in retirement preparedness. This study used ordered logistic (Ologit) regressions and ordinary least squares (OLS) regressions to test the two hypotheses. Results indicate a positive and statistically significant association between financial (only objective measure) and pension literacy and retirement preparedness. However, another study shows no synergy effect between financial and pension literacy. Conclusively, drawing policymakers' attention to diversifying EPF investments, including financial and pension literacy concepts in workplace workshops and studying pension literacy and retirement preparedness in different samples.
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| first_indexed | 2024-03-11T20:38:14Z |
| format | Article |
| id | doaj.art-4cac9cf405874dc6843c1f7ea4238088 |
| institution | Directory Open Access Journal |
| issn | 2460-8963 |
| language | English |
| last_indexed | 2024-03-11T20:38:14Z |
| publishDate | 2023-01-01 |
| publisher | Department of Family and Consumer Sciences, Faculty of Human Ecology, IPB University |
| record_format | Article |
| series | Journal of Consumer Sciences |
| spelling | doaj.art-4cac9cf405874dc6843c1f7ea42380882023-10-02T04:33:51ZengDepartment of Family and Consumer Sciences, Faculty of Human Ecology, IPB UniversityJournal of Consumer Sciences2460-89632023-01-018110.29244/jcs.8.1.57-7644233Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund ContributorsTiyani Rodrigo0Hyungsoo Kim1Department of Family Sciences, University of Kentucky, United StatesDepartment of Family Sciences, University of Kentucky, United States Sri Lanka has a rapidly aging population in South Asia, but little attention is given to financial preparedness for retirement. This study expects to provide an overview of the current retirement system in Sri Lanka and investigate financial and pension literacy's role in retirement preparedness. This study administered an online survey to study retirement preparedness subjectively (n = 142) and objectively (n = 115) among the EPF contributors. This non-experimental study uses an online survey to assess financial and pension literacy's roles in retirement preparedness. This study used ordered logistic (Ologit) regressions and ordinary least squares (OLS) regressions to test the two hypotheses. Results indicate a positive and statistically significant association between financial (only objective measure) and pension literacy and retirement preparedness. However, another study shows no synergy effect between financial and pension literacy. Conclusively, drawing policymakers' attention to diversifying EPF investments, including financial and pension literacy concepts in workplace workshops and studying pension literacy and retirement preparedness in different samples. https://journal.ipb.ac.id/index.php/jcs/article/view/44233employee provident fundpension literacyretirement preparednessSri Lanka financial literacy |
| spellingShingle | Tiyani Rodrigo Hyungsoo Kim Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors Journal of Consumer Sciences employee provident fund pension literacy retirement preparedness Sri Lanka financial literacy |
| title | Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors |
| title_full | Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors |
| title_fullStr | Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors |
| title_full_unstemmed | Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors |
| title_short | Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors |
| title_sort | financial and pension literacy and retirement preparedness in sri lanka evidence from employee provident fund contributors |
| topic | employee provident fund pension literacy retirement preparedness Sri Lanka financial literacy |
| url | https://journal.ipb.ac.id/index.php/jcs/article/view/44233 |
| work_keys_str_mv | AT tiyanirodrigo financialandpensionliteracyandretirementpreparednessinsrilankaevidencefromemployeeprovidentfundcontributors AT hyungsookim financialandpensionliteracyandretirementpreparednessinsrilankaevidencefromemployeeprovidentfundcontributors |