Purpose

The purpose of this study is to examine a mechanism through which subjective financial literacy can exert negative effects on the retirement saving intention and behaviors, which has not been well understood in prior research. Particularly, the authors draw on the relevant risk literature to introduce financial risk tolerance and risk perception as important mediators that transfer subjective financial literacy into reduced retirement saving intention which in turn affects the saving behaviors.

Design/methodology/approach

The authors test the model with a sample of 347 adults using factor analysis and structural equation modeling.

Findings

Consistent with the notions about the negative side of subjective financial literacy, the authors find supporting evidence for the proposed indirect effects of financial literacy on retirement saving intention via risk tolerance and risk perception. In addition, the authors observe that an individual's retirement saving intention strongly predicts their retirement saving behaviors.

Originality/value

The study offers insights into the mechanisms that subjective financial knowledge might also inhibit individual's responsible financial behaviors (e.g. retirement saving).

中文翻译：

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为什么主观金融素养会阻碍退休储蓄？风险承受能力与风险感知的中介作用

目的

本研究的目的是检验主观金融素养对退休储蓄意愿和行为产生负面影响的机制，这在之前的研究中尚未得到很好的理解。特别是，作者借鉴相关风险文献，引入金融风险承受能力和风险感知作为重要中介，将主观金融素养转化为降低的退休储蓄意愿，进而影响储蓄行为。

设计/方法/途径

作者使用因子分析和结构方程建模以 347 名成年人为样本测试了该模型。

发现

与关于主观金融素养消极面的观点一致，作者找到了金融素养通过风险承受能力和风险感知对退休储蓄意愿产生间接影响的支持证据。此外，作者观察到个人的退休储蓄意愿强烈预测了他们的退休储蓄行为。

原创性/价值

该研究提供了对主观财务知识也可能抑制个人负责任的财务行为（例如退休储蓄）的机制的见解。