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The paper analyses levels of financial literacy among university students in a Belgian University and links them to their retirement savings preferences based a logit model of data collected through a survey. Both dimensions are crucial since a reform of the pension system has increased the importance of individual retirement savings decisions at an early age. We find that financial literacy is relatively high in our sample but that there is heterogeneity in how it impacts savings for retirement decisions, driven by socio-demographic dimensions. Some groups are clearly at risk of not saving enough under the new pension system, including among the highly financially literate population. JEL Classification: A20, D14, E21, H3, H53, J26