Using an online incentivized discrete choice experiment, we study how well individuals judge financial advice and whether factors other than advice quality influence their evaluations. We find evidence that some individuals rely on extraneous signals to judge advice quality and observe some...

This paper examines portfolio choice, trading behavior, and realized rates of return of more than seven thousand 401(k) retirement accounts during the April 1994-August 1998 time period. The evidence on equity allocations is indicative of prudent behavior: on average our investors hold 40% of...

Workers under age 35 have the lowest 401(k) participation of any age group. Failing to save for retirement at a young age means missing out on compounded investment earnings that can substantially ease the burden of building a nest egg. The reasons young workers save less for retirement range...

The family home is the most important asset on household balance sheets, aside from human capital. Choosing a suitable mortgage is therefore critical to financial well-being but households often make costly mistakes. We collect data in an online survey to test borrowers' comfort with, and...