Financial Literacy

  • Financial literacy of older people in Scotland is quite low in an international context
  • Financial literacy is higher for men than for women, with evidence of decreasing financial literacy with age for both genders
  • There is no difference in financial literacy among older people in retirement and those who are working. For individuals with another employment status, financial literacy levels are lower
  • Individuals with higher educational attainment have a higher degree of financial literacy
  • Older people who live alone tend to have lower levels of financial literacy than cohabitating individuals.
  • Confidence in financial literacy is higher for men than women, and in those with higher levels of education and living in areas with lower deprivation
  • Financial literacy and confidence was associated with poorer subjective mental health