In an increasingly complex world, individuals have a more limited ability to take optimal decisions due to the lack of knowledge of basic financial concepts. This leads to severe mistakes in key decisions throughout an individual's life. Moreover, financial illiteracy is greater in the young...

This paper analyzes the savings behavior of Mexican households under a PAYG pension system. We use a cohort analysis and construct a synthetic panel, that allow us to follow a particular cohort over time by considering repeated cross sections. We use data from five household surveys that allow...

Wide concern between academics and policy makers in several countries has long existed on the question of whether individuals are saving enough for their retirement phase. Empirical evidence for developed countries, as well as the little evidence available for developing nations, shows that this...