The potential implications of gender differences in financial literacy are far-reaching. This paper describes the findings of a review of the literature on gender differences in financial literacy with the aim to better understand their causes and consequences, as well as possible policy...

The aim of this study was to understand the potential effects of different information disclosures regarding risk on retirement investing behavior. The authors developed and tested two modifications to the section on investment performance on the prototype DOL Model Comparative Chart, providing...

As employer-provided pension plans have largely shifted from defined benefit (DB) to defined contribution (DC) pension plans, responsibility for plan investments and the accompanying risks have also shifted from the provider to the employee. Employees have to decide how much to contribute to...

Current economic conditions have raised serious concerns about Americans' financial security, especially for those who lack the skills and resources to withstand financial market downswings and take advantage of upswings. However, significant debate continues about the role of financial...

While financial knowledge has been linked to improved financial behavior, there is little consensus on the value of financial education, in part because rigorous evaluation of various programs has yielded mixed results. However, given the heterogeneity of financial education programs in the...

In this paper, we design and field a low-cost, easily-replicable financial education program called “Five Steps,” covering five basic financial planning concepts that relate to retirement. We conduct a field experiment to evaluate the overall impact of “Five Steps” on a probability...

Americans are increasingly being asked to take responsibility for their own retirement security. However, many people are ill-equipped to make financial decisions and have turned to professional financial advisors for help. While financial advisors often provide valuable services, it can be...

Decisionmaking on saving for retirement requires individuals to have knowledge on fundamental issues, such as the functioning of pension systems, portfolio allocation, future expected benefits, contribution histories and risks. Currently, the information provided in pension benefits statements...

Over the past few decades, risks associated with providing for financial security in retirement have increasingly shifted from employers to employees as employer-provided pensions have shifted from defined-benefit to defined-contribution (DC) plans. Recent work in behavioral finance suggests...

When resources are scarce and social safety nets are weak, households' ability to manage income and assets wisely may be an important determinant of economic security. However, many open questions remain about how households in low and middle-income countries gain and exercise financial...