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Increasing financial literacy: A public policy challenge
Kotz, Hans-Helmut
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Weber, Martin
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URL:
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https://www.wiso-net.de/document/KUK__KUK200703001...
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Additional URL:
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https://ideas.repec.org/a/kuk/journl/v40y2007i2p17...
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Document Type:
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Article
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Year of publication:
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2007
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The title of a journal, publication series:
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Kredit und Kapital
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Volume:
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40
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Issue number:
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2
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Page range:
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175-187
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Place of publication:
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Berlin
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Publishing house:
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Duncker & Humblot
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ISSN:
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0023-4591 , 1865-5734
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Publication language:
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English
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Institution:
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Business School > ABWL u. Bankbetriebslehre (Seniorprofessur) (Weber 2017-)
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Subject:
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330 Economics
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Abstract:
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For more than a decade now, the potential and frequently simply alleged relative flaws in public sector – collective – pension schemes have been exposed in the public debate. The core case against pay-as-you-go systems being that, in order to cope with population aging, their underlying parameters – contribution rates/payroll taxes, replacement ratio or normal retirement age – have to be altered. This implies, evidently, a reduced expected income stream for future retirees. Concurrently, as an apparently logical corollary, these parametric adjustments entail an under performance in terms of expected returns compared to funded systems. The latter are frequently equated with individual or privatized accounts. However, this relative underperformance is not so self-evident as it appears at first blush. Nonetheless, it is a general perception in many OECD countries after more than a decade of debates and reforms. In any case, individuals are ever more called upon to take care of their own affairs. That is, they are assumed to significantly provide on their own for a decent standard of living during their ever longer years of retirement, at least in a complementary way.
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Translation of the abstract:
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Die insbesondere während des vergangenen Jahrzehnts auf den Weg gebrachten Reformen unterstellen, dass private Haushalte immer stärker eigenständig Vorsorge gegen Unwägbarkeiten und Gefahren treffen. Das gilt mindestens in einem ergänzenden Sinne für die Altersvorsorge. Gleichzeitig fehlt allerdings häufig das finanzielle Verständnis, um derartigen Anforderungen zu entsprechen. Es wird deshalb zu Recht als eine wichtige öffentliche Aufgabe angesehen, die Voraussetzungen für finanzielle Allgemeinbildung zu schaffen. Das Ziel des Beitrags ist es, knapp zu zeigen, wie die moderne Finanzwissenschaft, sowohl in ihrer angewandten als auch ihrer verhaltenswissenschaftlichen Ausrichtung, auf nützliche Weise zu der Problemlösung beitragen kann.
(German)
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 | Dieser Eintrag ist Teil der Universitätsbibliographie. |
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