日時：2019年2月6日（水） 13:30～15:30
場所：京都大学東南アジア地域地域研究所 2階セミナー室
共催：京都大学東南アジア研究所・三重野ゼミ
報告者：Benjamin Amoah博士（セントラル大学＜ガーナ＞）
報告タイトル：The Financial Literacy-Retirement Planning nexus; any role for behavioral finance?
報告要旨：Financial literacy is believed to influence retirement planning as many individuals with high financial literacy levels are expected to commit high sums of savings for retirement compared to individuals with low financial literacy levels. From the Efficient Market Hypothesis (EMH), investors are rational and make investment decision expecting to predict the movement of the market thereby maximizes their return. Overtime this canonical view of the investor within the traditional finance view including the Capital Asset Pricing Model (CAPM), has been questioned as market failures have taken many by surprise despite the expected predictability embedded in the EMH. Proponents of behavioral finance posit that investors are not rational and that choice of investment is also affected by his or her psychological frame. Behaviorist argues that investors exhibit “biases” and use simple “heuristics” (rules of thumb) in making decisions.
In planning for retirement, financial decision matters and financial literacy goes a long way to inform the financial choice of households, however the empirical debate on how social and psychological factors affect retirement plans, financial literacy and choice of investment is far from over. An empirical investigation into how the mental frame of the individual influences his or her disposition towards financial literacy, retirement planning and financial choices would be of importance to policy makers, regulators of pension funds, money and capital markets professional, pension fund managers, portfolio managers, insurance experts, personal financial advisors, mutual fund managers, households and financial education experts.
In this cross-sectional study among respondents sampled in Accra, Ghana, the study first classifies respondents who exhibit more of error of preference or more of error of judgment under the behavioral finance proposition. Secondly, the behavioral facts of respondents and their investment choice are discussed. The study finally investigates how behavioral finance relates to financial literacy and retirement planning and how it can be harnessed to improve both financial literacy and retirement planning.