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Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence

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  • Ramona Rupeika-Apoga

    (Faculty of Economics and Social Sciences, University of Latvia, LV-1586 Riga, Latvia
    Women Researchers Council (WRC), Azerbaijan State University of Economics (UNEC), Baku AZ 1001, Azerbaijan)

  • Janis Priede

    (Faculty of Economics and Social Sciences, University of Latvia, LV-1586 Riga, Latvia)

Abstract

This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying categorical data analysis methods, including chi-square tests and Cramér’s V, the findings revealed that a higher financial literacy and confidence in financial advisers are significantly associated with greater retirement preparedness. The ownership of financial products, particularly among active investors, is also strongly correlated with improved retirement outcomes. These results highlight the importance of financial education, accessible advisory services, and policies promoting financial literacy and product ownership to mitigate retirement risks and enhance financial security in the Baltic region.

Suggested Citation

  • Ramona Rupeika-Apoga & Janis Priede, 2025. "Retirement Readiness in the Baltics: The Roles of Financial Literacy, Product Ownership, and Advisory Confidence," Risks, MDPI, vol. 13(2), pages 1-19, February.
    • Handle: RePEc:gam:jrisks:v:13:y:2025:i:2:p:30-:d:1586244
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    References listed on IDEAS

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    2. Ricci, Ornella & Caratelli, Massimo, 2017. "Financial literacy, trust and retirement planning," Journal of Pension Economics and Finance, Cambridge University Press, vol. 16(1), pages 43-64, January.
    3. Justine S. Hastings & Brigitte C. Madrian & William L. Skimmyhorn, 2013. "Financial Literacy, Financial Education, and Economic Outcomes," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 347-373, May.
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