Using Item Response Theory to analyse survey data from a representative sample of 551 Swedish citizens, a new 16-question measure of fact-based financial literacy is developed and validated. Uni-dimensionality of the measure is verified, and expected correlations are observed with an existing measure of fact-based financial literacy, a measure of subjective financial literacy or confidence, and age, gender, and income. A significant impact of fact-based and subjective financial literacy are found on three time-ordered stages of individuals’ retirement behaviour: planning, saving, and investment management. It is concluded that policies increasing final literacy are important in different phases of the life cycle.

中文翻译：

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退休财务行为：财务知识有多重要？

使用项目响应理论分析来自 551 名瑞典公民的代表性样本的调查数据，开发并验证了一个新的 16 个问题的基于事实的金融知识衡量标准。验证该度量的单维性，并观察到与现有的基于事实的金融知识的度量、主观金融知识或信心的度量以及年龄、性别和收入的预期相关性。基于事实和主观的金融素养对个人退休行为的三个按时间顺序排列的阶段有显着影响：计划、储蓄和投资管理。结论是，提高最终识字率的政策在生命周期的不同阶段都很重要。