This study investigated whether overconfidence with respect to one’s financial literacy affects stock market participation and retirement preparation and if so, how. Using an effective sample of 12,653 Japanese individuals, the empirical results confirm that financial literacy plays a positive role, while confidence in financial literacy also matters. For people with relatively low financial literacy, overconfidence can encourage taking financial action, while for people with high financial literacy, underconfidence can deter action. Confidence could have an effect equal to or greater than financial literacy. Moreover, it was also found that the positive effect of overconfidence is weaker for women than for men.

这项研究调查了对个人金融知识的过度自信是否会影响股票市场的参与和退休准备，如果如此，会如何影响。通过对12,653名日本人进行有效抽样，经验结果证实金融素养发挥了积极作用，而对金融素养的信心也很重要。对于金融知识水平相对较低的人，过度自信会鼓励采取财务行动，而对于金融知识水平较高的人们，信心不足会阻止行动。信心的影响可能等于或大于金融知识。此外，还发现，过度自信对女性的积极作用要弱于男性。