This study provides empirical evidence on the mechanisms through which financial literacy may be associated with saving for retirement, in the three phases of the decision-making process – information perception, information search and evaluation, and decision-making and implementation. The results indicate that financial literacy has significantly positive effects on one's awareness of post-retirement financial needs, comparing alternatives when purchasing financial products, displaying fewer present-time bias, and planning for and setting aside funds for retirement. Financial literacy not only directly contributes to planning for the future, but also indirectly via a reduction in behavioral biases.

这项研究在决策过程的三个阶段（信息感知，信息搜索和评估以及决策和实施）的三个阶段提供了金融素养与退休储蓄相关的机制的经验证据。结果表明，金融素养对于退休后金融需求的认识，购买金融产品时比较替代方案，减少当前的偏见以及为退休计划和预留资金等方面的意识具有显着的积极影响。财务素养不仅直接有助于对未来的计划，而且还可以通过减少行为偏见而间接地做出贡献。