Understanding investor retirement planning : infusing a consumer behavior perspective in financial literacy theory

Improving financial literacy is high on the agenda of many governments. The purpose of this paper is to broaden the theoretical approach towards the concept of financial literacy. The paper introduces and integrates several consumer behavior and marketing concepts to better understand how they moderate the influence of financial literacy on people.s investment decision making related to retirement planning. From a societal perspective a better understanding of investor behavior could help policy makers to improve financial literacy programs related to investing for retirement planning. From a business perspective more insight in consumer behavior with regard to investing could help companies to adjust their marketing strategy and gain a competitive advantage in a fiercely competitive landscape.