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The Impact of Annuity Insurance on Savings and Inequality
Kotlikoff, Laurence J.; Shoven, John B.; Spivak, Avia - 2021
This is the first paper to document the effect of health on the migration propensities of African Americans in the American past. Using both IPUMS and the Colored Troops Sample of the Civil War Union Army Data, I estimate the effects of literacy and health on the migration propensities of...
Persistent link: https://www.econbiz.de/10013230210
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How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
Hastings, Justine S. - 2011
Two competing explanations for why consumers have trouble with financial decisions are gaining momentum. One is that people are financially illiterate since they lack understanding of simple economic concepts and cannot carry out computations such as computing compound interest, which could...
Persistent link: https://www.econbiz.de/10013130966
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Behavioral Economics Perspectives on Public Sector Pension Plans
Beshears, John - 2011
shifted towards defined contribution (DC) plans as their primary savings plan, and fiscal pressures are likely to generate … retirement in other accounts. There is also substantial heterogeneity across jurisdictions in the savings generated in primary DC … employer match. We conclude by applying lessons from savings behavior in private sector savings plans to the design of public …
Persistent link: https://www.econbiz.de/10013130979
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The Welfare Economics of Default Options in 401(K) Plans
Bernheim, B. Douglas - 2011
Default contribution rates for 401(k) pension plans powerfully influence workers' choices. Potential causes include opt-out costs, procrastination, inattention, and psychological anchoring. We examine the welfare implications of defaults under each of these theories. We show how the optimal...
Persistent link: https://www.econbiz.de/10013118423
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The Effect of Providing Peer Information on Retirement Savings Decisions
Beshears, John - 2011
on savings. Low-saving employees received simplified plan enrollment or contribution increase forms. A randomized subset … savings of non-participants who were ineligible for 401(k) automatic enrollment, and higher observed peer savings rates also … decreased savings. Discouragement from upward social comparisons seems to drive this reaction …
Persistent link: https://www.econbiz.de/10013121011
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Financial Literacy, Retirement Planning, and Household Wealth
van Rooij, Maarten - 2011
savings plan has been shown to boost wealth. Overall, financial literacy, both directly and indirectly, is found to have a …
Persistent link: https://www.econbiz.de/10013121050
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Economic Preparation for Retirement
Hurd, Michael D. - 2011
We define and estimate measures of economic preparation for retirement based on a complete inventory of economic resources while taking into account the risk of living to advanced old age and the risk of high out-of-pocket spending for health care services. We ask whether, in a sample of 66-69...
Persistent link: https://www.econbiz.de/10013122644
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Financial Literacy and Retirement Planning in Germany
Bucher-Koenen, Tabea - 2011
We examine financial literacy in Germany using data from the SAVE survey. We find that knowledge of basic financial concepts is lacking among women, the less educated, and those living in East Germany. In particular, those with low education and low income in East Germany have little financial...
Persistent link: https://www.econbiz.de/10013123985
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Financial Literacy and Retirement Planning in the United States
Lusardi, Annamaria - 2011
We examine financial literacy in the United States using the new National Financial Capability Study, wherein we demonstrate that financial literacy is particularly low among the young, women, and the less-educated. Moreover, Hispanics and African-Americans score the least well on financial...
Persistent link: https://www.econbiz.de/10013124228
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Financial Literacy, Retirement Preparation and Pension Expectations in the Netherlands
Alessie, Rob J. M. - 2011
We present new evidence on financial literacy and retirement preparation in the Netherlands based on two surveys conducted before and after the onset of the financial crisis. We document that while financial knowledge did not increase from 2005 to 2010, significantly more individuals planned for...
Persistent link: https://www.econbiz.de/10013124236