Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence
This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying categorical d...
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| Language: | English |
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MDPI AG
2025-02-01
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| Series: | Risks |
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| Online Access: | https://www.mdpi.com/2227-9091/13/2/30 |
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| author | Ramona Rupeika-Apoga Janis Priede |
| author_facet | Ramona Rupeika-Apoga Janis Priede |
| author_sort | Ramona Rupeika-Apoga |
| collection | DOAJ |
| description | This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying categorical data analysis methods, including chi-square tests and Cramér’s V, the findings revealed that a higher financial literacy and confidence in financial advisers are significantly associated with greater retirement preparedness. The ownership of financial products, particularly among active investors, is also strongly correlated with improved retirement outcomes. These results highlight the importance of financial education, accessible advisory services, and policies promoting financial literacy and product ownership to mitigate retirement risks and enhance financial security in the Baltic region. |
| format | Article |
| id | doaj-art-a35472ec18bd473ebbcb73d4e2d3e847 |
| institution | DOAJ |
| issn | 2227-9091 |
| language | English |
| publishDate | 2025-02-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Risks |
| spelling | doaj-art-a35472ec18bd473ebbcb73d4e2d3e8472025-08-20T03:12:04ZengMDPI AGRisks2227-90912025-02-011323010.3390/risks13020030Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory ConfidenceRamona Rupeika-Apoga0Janis Priede1Faculty of Economics and Social Sciences, University of Latvia, LV-1586 Riga, LatviaFaculty of Economics and Social Sciences, University of Latvia, LV-1586 Riga, LatviaThis study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying categorical data analysis methods, including chi-square tests and Cramér’s V, the findings revealed that a higher financial literacy and confidence in financial advisers are significantly associated with greater retirement preparedness. The ownership of financial products, particularly among active investors, is also strongly correlated with improved retirement outcomes. These results highlight the importance of financial education, accessible advisory services, and policies promoting financial literacy and product ownership to mitigate retirement risks and enhance financial security in the Baltic region.https://www.mdpi.com/2227-9091/13/2/30financial literacyretirement readinessfinancial product ownershipBaltic countriescategorical data analysisfinancial education |
| spellingShingle | Ramona Rupeika-Apoga Janis Priede Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence Risks financial literacy retirement readiness financial product ownership Baltic countries categorical data analysis financial education |
| title | Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence |
| title_full | Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence |
| title_fullStr | Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence |
| title_full_unstemmed | Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence |
| title_short | Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence |
| title_sort | retirement readiness in the baltics the roles of financial literacy product ownership and advisory confidence |
| topic | financial literacy retirement readiness financial product ownership Baltic countries categorical data analysis financial education |
| url | https://www.mdpi.com/2227-9091/13/2/30 |
| work_keys_str_mv | AT ramonarupeikaapoga retirementreadinessinthebalticstherolesoffinancialliteracyproductownershipandadvisoryconfidence AT janispriede retirementreadinessinthebalticstherolesoffinancialliteracyproductownershipandadvisoryconfidence |