Examining the level of financial literacy and its impact on retirement planning in North Lebanon

Abstract

Purpose: Our study draws on internationally comparable survey evidence on financial literacy and retirement planning in order to investigate how financially literate Northern Lebanese employees are and who do plan for retirement. Briefly, our project seeks to establish the level of financial literacy and retirement planning among employees living in North Lebanon and what affects each of these levels. Design/Methodology/Approach: This study is an investigative and exploratory one, with a quantitative research conducted through short and simple questionnaires. Our target is full timers from North Lebanon. The number of respondents accounted to 133 from both genders. Findings: The outcomes of our study confirm that financial literacy among North Lebanese employees is affected by gender and age. Moreover, income has been the only significant factor that contributes to retirement planning. Originality/Value: Although various researches have been done worldwide regarding the topic of financial literacy and retirement planning, this study has never been previously conducted in Lebanon, which contributes towards the uniqueness of our study on the national level. Ethical considerations: All surveys responses are voluntary and will be kept confidential. They will not be identified by individual and will be compiled together and analyzed as a group. Limitations: We suppose that our fieldwork is going to be affected by several obstacles related to time, sample size and lack of national data.