Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Hardcover | November 15, 2011

EditorOlivia S. Mitchell, Annamaria Lusardi

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As financial markets grow ever more complex and integrated, households must make increasingly sophisticated and all-too-often irreversible economic decisions. This is particularly evident in retirement decision-making. Traditional defined benefit pension schemes are being replaced with definedcontribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension assets. This volume explores how financial literacy can enhance peoples' ability to make informed economic choices. It proposes that financial literacy determines how well people make and execute saving, investing, borrowing, and planning decisions. It examines causality using controlled settings todisentangle whether financial literacy causes saving or vice versa, and demonstrates that financial education programs do indeed enhance financial decision-making and asset accumulation.

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As financial markets grow ever more complex and integrated, households must make increasingly sophisticated and all-too-often irreversible economic decisions. This is particularly evident in retirement decision-making. Traditional defined benefit pension schemes are being replaced with definedcontribution pensions; employer and governm...

Olivia S. Mitchell's main areas of interest are private and public insurance, risk management, public finance, labour markets, compensation, and pensions with both a US and an international focus. She is a Research Associate of the NBER and she earned her Ph.D. in Economics from the University of Wisconsin-Madison. Annamaria Lusardi h...

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Format:HardcoverDimensions:328 pages, 9.21 × 6.14 × 0.01 inPublished:November 15, 2011Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199696810

ISBN - 13:9780199696819

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Table of Contents

1. Annamaria Lusardi and Olivia S. Mitchell: The Outlook for Financial LiteracyPart I. Financial Literacy and Financial Decision Making2. Annamaria Lusardi and Olivia S. Mitchell: Financial Literacy and Planning: Implications for Retirement Wellbeing3. Robert L. Clark, Melinda S. Morrill, and Steven G. Allen: Pension Plan Distributions: The Importance of Financial Literacy4. Stephen P. Utkus and Jean A. Young: Financial Literacy and 401(k) Loans5. Joanne Yoong: Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life PanelPart II. Evaluating Financial Literacy Interventions6. Justine Hastings, Olivia S. Mitchell, and Eric Chyn: Fees, Framing, and Financial Literacy in the Choice of Pension Manager7. Angela A. Hung, Noreen Clancy, and Jeff Dominitz: Investor Knowledge and Experience with Investment Advisers and Broker-Dealers8. Susan P. Carter, Paige M. Skiba, and Jeremy Tobacman: Pecuniary Mistakes? Payday Borrowing by Credit Union Members9. Julie Agnew and Lisa Szykman: Annuities, Financial Literacy and Information OverloadPart III. Shaping the Financial Literacy Environment10. Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas D. Evanoff: Financial Counseling, Financial Literacy, and Household Decision Making11. Gal Zauberman and B. Kyu Kim: Time Perception and Retirement Saving: Lessons from Behavioral Decision Research12. Melissa S. Kearney, Peter Tufano, Jonathan Guryan, and Erik Hurst: Making Savers Winners: An Overview of Prize-Linked Saving Products13. Diana Crossan: How to Improve Financial Literacy: Some Successful Strategies14. Robert Holzmann: Bringing Financial Literacy and Education to Low and Middle Income Countries15. J. Michael Collins: Improving Financial Literacy: The Role of Nonprofit Providers