Is Knowledge Really Power and Ignorance Bliss? A Study of Financial and Pension Ignorance
Is Knowledge Really Power and Ignorance Bliss? A Study of Financial and Pension Ignorance

Summary/Abstract: In this study, we examine the impact of financial and pension ignorance (information avoidance) on the decision-making process for long-term savings. We define the concept of pension ignorance, as active avoidance ofretirement information, failure to make decisions regarding retirement savings, and a lack of strategic retirementplanning. To assess financial ignorance, we utilized the scale developed by Barrafrem et al. (2024), while pensionignorance was evaluated using the scale designed by the authors. The study was conducted with a sample of1,200 Polish residents aged 18 to 65, using the Computer-Assisted Web Interviewing (CAWI) method. The findingsreveal that both pension and financial ignorance play a significant role in explaining individuals’ willingness to savefor the long term.

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