Barbadians are under-prepared for retirement, and this suggests insufficient financial knowledge among the young and old.
Central Bank of Barbados economist Lisa Brathwaite-Phillips revealed this in a new study examining the link between financial knowledge and retirement planning.
The researcher observed that while knowledge of basic financial products and concepts were “reasonably observed”, many individuals surveyed lacked an understanding of more sophisticated concepts and products.
She therefore concluded following an online survey of 170 respondents that “financial knowledge was found to have a positive impact on the level of retirement planning in Barbados”. (SC)
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