Financial Literacy and Planning: Implications for Retirement Well-being

Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Volumn , Issue , 2011, Pages

  Mitchell, Olivia S ^a,b   Lusardi, Annamaria ^a,b,c,d  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

^c DARTMOUTH COLLEGE   (United States)

^d RAND CORPORATION   (United States)

Author keywords

Education; Financial planning; Inflation; Interest; Knowledge; Literacy; Planning; Retirement

Indexed keywords

EID: 84920376095     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1093/acprof:oso/9780199696819.003.0002     Document Type: Chapter

References (42)

1. Agnew, J. and L. Szykman (2005). 'Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience,' Journal of Behavioral Finance, 6: 57-70.
2. Ameriks, J., A. Caplin, and J. Leahy (2003). 'Wealth Accumulation and the Propensity to Plan,' Quarterly Journal of Economics, 68: 1007-47.
3. Ameriks, J., A. Caplin, and J. Leahy (2004). 'The Absent-Minded Consumer,' NBER Working Paper No. 10216. Cambridge, MA: National Bureau of Economic Research.
4. Bernheim, D. (1995). 'Do Households Appreciate their Financial Vulnerabilities? An Analysis of Actions, Perceptions, and Public Policy,' in Tax Policy and Economic Growth. Washington, DC: American Council for Capital Formation, pp. 1-30.
5. Bernheim, D. (1998). 'Financial Illiteracy, Education, and Retirement Saving,' in O. S. Mitchell and S. Schieber, eds, Living with Defined Contribution Pensions. Philadelphia, PA: University of Pennsylvania Press, pp. 38-68.
6. Calvert, L., J. Campbell, and P. Sodini (2007). 'Down or Out: Assessing the Welfare Costs of Household Investment Mistakes,' Journal of Political Economy, 115: 707-47.
7. Campbell, J. (2006). 'Household Finance,' Journal of Finance, 61 (4): 1553-604.
8. Chan, S. and A. H. Stevens (2003). 'What You Don't Know Can't Help You: Knowledge and Retirement Decision Making.' The Review of Economics, 90 (2): 253-66.
9. Christelis, D., T. Jappelli, and M. Padula (2010). 'Cognitive Abilities and Portfolio Choice.' European Economic Review, 54: 18-38.
10. Clark, R. and M. D'Ambrosio (2008), 'Adjusting Retirement Goals and Saving Behavior: The Role of Financial Education,' in A. Lusardi, ed., Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs. Chicago, IL: Chicago University Press, pp. 237-56.
11. Clark, R., M. S. Morrill, and S. G. Allen (2011). 'Pension Plan Distributions: The Importance of Financial Literacy,' in O. S. Mitchell and A. Lusardi, eds, Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford, UK: Oxford University Press.
12. Collins, J. M. (2011). 'Improving Financial Literacy: The Role of Nonprofit Providers,' in O. S. Mitchell and A. Lusardi, eds, Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford, UK: Oxford University Press.
13. Duflo, E. and E. Saez (2003). 'The Role of Information and Social Interactions in Retirement Plan Decisions: Evidence from a Randomized Experiment,' Quarterly Journal of Economics, 118: 815-42.
14. Duflo, E. and E. Saez (2004). 'Implications of Pension Plan Features, Information, and Social Interactions for Retirement Saving Decisions,' in O. S. Mitchell and S. Utkus, eds, Pension Design and Structure: New Lessons from Behavioral Finance. Oxford, UK: Oxford University Press, pp. 137-53.
15. Employee Benefits Research Institute (EBRI) (1996). 'Participant Education: Actions and Outcomes,' EBRI Issue Brief 169. Washington, DC: Employee Benefit Research Institute.
16. Employee Benefits Research Institute (EBRI) (2001). 'Retirement Confidence Survey (RCS), Minority RCS, and Small Employer Retirement Survey,' EBRI Issue Brief 234. Washington, DC: Employee Benefit Research Institute.
17. Gustman, A. and T. Steinmeier (1999). 'Effects of Pensions on Savings: Analysis with Data from the Health and Retirement Study,' Carnegie-Rochester Conference Series on Public Policy, 50: 271-324.
18. Gustman, A. and T. Steinmeier (2004). 'What People Don't Know about their Pensions and Social Security,' in W. Gale, J. Shoven and M. Warshawsky, eds, Private Pensions and Public Policies. Washington, DC: The Brookings Institution, pp. 57-125.
19. Haliassos, M. and C. Bertaut (1995). 'Why Do So Few Hold Stocks?,' Economic Journal, 105: 1110-29.
20. Hilgert, M., J. Hogarth, and S. Beverly (2003). 'Household Financial Management: The Connection between Knowledge and Behavior,' Federal Reserve Bulletin, July: 309-22.
21. Hogarth, J. and M. Hilgert (2002). 'Financial Knowledge, Experience and Learning Preferences: Preliminary Results from a New Survey on Financial Literacy,' Consumer Interest Annual, 48 (1): 1-7.
22. Hogarth, J., C. Anguelov, and J. Lee (2004). 'Why Don't Households Have a Checking Account?,' The Journal of Consumer Affairs, 38: 1-34.
23. Hung, A., N. Clancy, and J. Dominitz (2011). 'Investor Knowledge and Experience with Investment Advisers and Broker-Dealers,' in O. S. Mitchell and A. Lusardi, eds, Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford, UK: Oxford University Press.
24. Lusardi, A. (1999). 'Information, Expectations, and Savings for Retirement,' in H. Aaron, ed., Behavioral Dimensions of Retirement Economics. Washington, DC: Brookings Institution Press and Russell Sage Foundation, pp. 81-116.
25. Lusardi, A.(2002). 'Preparing for Retirement: The Importance of Planning Costs,' National Tax Association Proceedings, 2002: 148-54.
26. Lusardi, A. (2003). 'Planning and Saving for Retirement,' Dartmouth College Working Paper. Hanover, NH: Dartmouth College.
27. Lusardi, A. and O. S. Mitchell (2007a). 'Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth,' Journal of Monetary Economics, 54 (1): 205-24.
28. Lusardi, A. and O. S. Mitchell (2007b). 'Financial Literacy and Retirement Planning: New Evidence from the RAND American Life Panel,' Pension Research Council Working Paper No. 2007-33. Philadelphia, PA: Pension Research Council.
29. Lusardi, A. and O. S. Mitchell (2007c). 'Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education,' Business Economics, 42: 35-44.
30. Lusardi, A. and O. S. Mitchell (2008). 'Planning and Financial Literacy: How Do Women Fare?,' American Economic Review P&P, 98 (2): 413-17.
31. Lusardi, A. and O. S. Mitchell (2009). 'How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness,' NBER Working Paper No. 15350. Cambridge, MA: National Bureau of Economic Research.
32. Lusardi, A. and O. S. Mitchell C. Curto (2010). 'Financial Literacy among the Young: Evidence and Implications for Consumer Policy,' Journal of Consumer Affairs, 44 (2): 358-80.
33. Mandell, L. (2004). Financial Literacy: Are We Improving? Washington, DC: Jump$tart Coalition for Personal Financial Literacy.
34. Mastrobuoni, G. (2005). 'Do Better-Informed Workers Make Better Retirement Choice? A Test Based on the Social Security Statement,' Princeton University Working Paper. Princeton, NJ: Princeton University.
35. Miles, D. (2004). The UK Mortgage Market: Taking a Longer-Term View. London, UK: HM Treasury. http://news.bbc.co.uk/nol/shared/bsp/hi/pdfs/12_03_04_miles.pdf
36. Mitchell, O. S. (1988). 'Worker Knowledge of Pensions Provisions,' Journal of Labor Economics, 6: 28-9.
37. Mitchell, O. S. J. Moore (1998). 'Can Americans Afford to Retire? New Evidence on Retirement Saving Adequacy,' Journal of Risk and Insurance, 65: 371-400.
38. Moore, D. (2003). 'Survey of Financial Literacy in Washington State: Knowledge, Behavior, Attitudes, and Experiences,' Social and Economic Sciences Research Center Technical Report 03-39. Pullman, WA: Washington State University.
39. Moore, J. and O. S. Mitchell (2000). 'Projected Retirement Wealth and Saving Adequacy,' in O. S. Mitchell, B. Hammond, and A. Rappaport, eds, Forecasting (p.39) Retirement Needs and Retirement Wealth. Philadelphia, PA: University of Pennsylvania Press, pp. 68-94.
40. National Council on Economic Education (NCEE) (2005). What American Teens and Adults Know About Economics. Washington, DC: NCEE.
41. Venti, S. and D. Wise (2001). 'Choice, Chance, and Wealth Dispersion at Retirement,' in S. Ogura, T. Tachibanaki, and D. Wise, eds, Aging Issues in the United States and Japan. Chicago, IL: University of Chicago Press, pp. 25-64.
42. Yakoboski, P. and J. Dickemper (1997). 'Increased Saving but Little Planning. Results of the 1997 Retirement Confidence Survey,' EBRI Issue Brief 191. Washington, DC: Employee Benefit Research Institute.