Financial provision for retirement consists of two phases, accumulation and decumulation. Young people as an age group have generally been ignored in previous research and there has been little research investigating financial literacy levels of young people and attitudinal aspects of their decision making. As such, this paper examines university students’ views on decumulation. We find that student predictions of their costs in retirement are inaccurate, and this is driven by overconfidence and somewhat mitigated by better financial literacy. Furthermore, when planning for retirement income, the Age Pension is expected to be used the least while interestingly personal savings are expected to be used more than superannuation. The biggest drivers of the different levels of usage for the different funding sources are opinions on the effectiveness and understanding of superannuation. These results demonstrate that there is a lack of understanding of the costs of living and the characteristics of the different pillars of the Australian retirement system. Increasing skills and knowledge in financial literacy and of the Australian retirement system is paramount. The implications of our findings are of interest to government, finance professionals and academics from an education and research perspective.

中文翻译：

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金融知识和退休支出：大学生的视角

退休的财政准备包括两个阶段，积累和递减。以前的研究普遍忽略了年轻人作为一个年龄组，很少有研究调查年轻人的金融知识水平和他们决策的态度方面。因此，本文考察了大学生对递减的看法。我们发现学生对其退休成本的预测是不准确的，这是由过度自信驱动的，而更好的金融知识在一定程度上缓解了这种情况。此外，在规划退休收入时，预计 Age Pension 的使用最少，而有趣的是，个人储蓄的使用预计将超过退休金。不同资金来源的不同使用水平的最大驱动因素是对养老金有效性和理解的看法。这些结果表明，人们对生活成本和澳大利亚退休制度不同支柱的特征缺乏了解。提高金融知识和澳大利亚退休制度方面的技能和知识至关重要。从教育和研究的角度来看，政府、金融专业人士和学者对我们的研究结果的影响很感兴趣。提高金融知识和澳大利亚退休制度方面的技能和知识至关重要。从教育和研究的角度来看，政府、金融专业人士和学者对我们的研究结果的影响很感兴趣。提高金融知识和澳大利亚退休制度方面的技能和知识至关重要。从教育和研究的角度来看，政府、金融专业人士和学者对我们的研究结果的影响很感兴趣。