Individual responsibility for portfolio construction is a central theme for defined contribution pensions, yet the rise of target-date funds is shifting investment decisions from works back to employers. A complex choice architecture including automatic enrollment, reenrollment, and fund...

This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient forolder respondents (aged 55+). Specifically, many in this group lack a basic...