CDHA CAAR

February 8, 2018

CAAR – University of Pennsylvania, Wharton School, Pension Research Council Working Paper – February 8, 2018

Filed under: Working Papers — Tags: — admin @ 4:48 pm

Note: Free registration is required to access any content. “Financial Knowledge and Portfolio Complexity in Singapore,” by Benedict Koh, Olivia S. Mitchell, and Susann Rohwedder (WP2018-2, January 2018, .pdf format, 32p.).

pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2018/02/WP-2018-2-Koh-et-al.pdf

February 6, 2018

CAAR – University of Pennsylvania, Wharton School, Pension Research Council Working Paper – February 6, 2018

Filed under: Working Papers — Tags: , , , — admin @ 4:19 pm

Note: Free registration is required to access any content. “Cognitive Ability, Financial Literacy, and the Demand for Financial Advice at Older Ages: Findings from the Health and Retirement Study,” by Hugh H. Kim, Raimond Maurer, and Olivia S. Mitchell (WP-2018-1, January 2018, .pdf format, 26p.).

pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2018/02/WP-2018-1-Kim-et-al-1.pdf

January 12, 2017

CAAR – University of Pennsylvania, Wharton School, Pension Research Council Working Paper – January 12, 2017

Filed under: Working Papers — Tags: — admin @ 4:53 pm

Note: Free registration is required to access any content.

“Does Financial Literacy Increase Students’ Perceived Value of Schooling?” by Luca Maria Pesando (WP2017-01, January 2017, .pdf format, 44p.). Note: Links to the abstract and the full text of the paper available at:

www.pensionresearchcouncil.org/publications/document.php?file=1353

June 23, 2016

CAAR – University of Pennsylvania, Wharton School, Pension Research Council Working Paper – June 23, 2016

Filed under: Working Papers — Tags: , , , — admin @ 4:14 pm

Note: Free registration is required to access any content.

A. “Workplace-Linked Pensions for an Aging Demographic,” by Olivia S. Mitchell and John Piggott (WP2016-3, January 2016, .pdf format, 62p.).

Abstract:

Pensions and population aging intersect in two ways. First, demographic change threatens the sustainability of traditional pay-as-you-go social security pensions, leaving workplace-linked pensions with a greater role in retirement provision. Second, as the Baby Boom generation enters retirement, new challenges arise around its retirement support. This chapter reviews some of the implications of population aging for workplace pensions in this new environment, outlines market considerations important for workplace-related pension design for the future, and discusses how governments can create an environment supportive of workplace-related pensions, should they wish to do so. We conclude that workplace-linked retirement saving systems will be asked to do even more than in the past, given the financial stress that pay-as-you-go government-run Social Security plans are confronting in the face of an aging demographic. This will require further product innovation and additional research.

www.pensionresearchcouncil.org/publications/document.php?file=1341

B. “Employee Financial Literacy and Retirement Plan Behavior: A Case Study,” by Robert Clark, Annamaria Lusardi, and Olivia S. Mitchell (WP2016-2, June 2016, .pdf format, 31p.).

Abstract:

This paper uses administrative data on all active employees of the Federal Reserve System to examine participation in and contributions to the Thrift Saving Plan, the System’s defined contribution (DC) plan. We link to administrative records a unique employee survey of economic/demographic factors including a set of financial literacy questions. Not surprisingly, Federal Reserve employees are substantially more financially literate than the population at large. Most importantly, financially savvy employees are also most likely to participate in their DC plan. Sophisticated workers contribute three percentage points more of their earnings to the DC plan than do the less knowledgeable, and they hold more equity in their pension accounts. We examine changes in employee plan behavior one year after employees completed a Learning Module about retirement planning, and we compare it to baseline patterns. We find that those employees who completed the Learning Module were more likely to start contributing and less likely to have stopped contributing to the DC plan post-survey. In sum, employer-provided learning programs are shown to significantly impact employee retirement saving decisions and consistent with a lot of other research, higher levels of financial literacy is found to have a beneficial impact on retirement saving patterns.

www.pensionresearchcouncil.org/publications/document.php?file=1339

August 19, 2015

CAAR – National Bureau of Economic Research Working Paper – August 19, 2015

Filed under: Working Papers — Tags: , , , — admin @ 5:00 pm

Links to an abstract are available. For full text availability check your organization’s library.

A. “Contributions to Defined Contribution Pension Plans,” by James J. Choi (w21467, August 2015, .pdf format, 28p.).

www.nber.org/papers/w21467

B. “Employee Financial Literacy and Retirement Plan Behavior: A Case Study,” by Robert Clark, Annamaria Lusardi, Olivia S. Mitchell (w21461, August 2015, .pdf format, 19p.).

www.nber.org/papers/w21461

June 25, 2015

CAAR – University of Pennsylvania, Wharton School, Pension Research Council Working Paper – June 25, 2015

Filed under: Working Papers — Tags: , — admin @ 4:41 pm

Note: PRC requires free registration before providing working papers. “Financial Knowledge and 401(k) Investment Performance: A Case Study,” by Robert Clark, Annamaria Lusardi, and Olivia S. Mitchell (WP2015-10, June 2015, .pdf format, 33p.). Note: Links to the abstract and the full text of the paper available at:

www.pensionresearchcouncil.org/publications/document.php?file=1277

March 23, 2015

CAAR – University of Pennsylvania, Wharton School, Pension Research Council Working Paper – March 23, 2015

Filed under: Working Papers — Tags: , — admin @ 4:44 pm

Note: PRC requires free registration before providing working papers. “Cognitive Constraints on Valuing Annuities,” by Jeffrey R. Brown, Arie Kapteyn, Erzo F. P. Luttmer, and Olivia S. Mitchell (WP2015-04, March 2015, .pdf format, 33p.). Note: Links to the abstract and the full text of the paper available at:

www.pensionresearchcouncil.org/publications/document.php?file=1258

February 16, 2015

CAAR – University of Pennsylvania, Wharton School, Pension Research Council Working Paper – February 16, 2015

Filed under: Working Papers — Tags: — admin @ 4:45 pm

Note: PRC requires free registration before providing working papers. “Using a Life Cycle Model to Evaluate Financial Literacy Program Effectiveness,” by Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell (WP2015-02, February 2015, .pdf format, 41p.). Note: Links to the abstract and the full text of the paper available at:

www.pensionresearchcouncil.org/publications/document.php?file=1256

January 12, 2015

CAAR – University of Pennsylvania, Wharton School, Pension Research Council Working Paper – January 12, 2015

Filed under: Working Papers — Tags: , — admin @ 4:48 pm

Note: PRC requires free registration before providing working papers. “Financial Literacy and Economic Outcomes: Evidence and Policy Implications,” by Olivia S. Mitchell and Annamaria Lusardi (WP2015-01, 2015, .pdf format, 13p.). Note: Links to the abstract and the full text of the paper available at:

www.pensionresearchcouncil.org/publications/document.php?file=1255

December 30, 2014

CAAR – National Bureau of Economic Research Working Paper – December 30, 2014

Filed under: Working Papers — Tags: , , — admin @ 4:52 pm

Links to an abstract are available. For full text availability check your organization’s library.

A. “How financially literate are women? An overview and new insights,” by Tabea Bucher-Koenen, Annamaria Lusardi, Rob Alessie, and Maarten van Rooij (w20793, December 2014, .pdf format, 33p.).

www.nber.org/papers/w20793

B. “Sources of Geographic Variation in Health Care: Evidence from Patient Migration,” by Amy Finkelstein, Matthew Gentzkow, and Heidi Williams (w20789, December 2014, .pdf format, 52p.).

www.nber.org/papers/w20789

August 4, 2014

CAAR – US Social Security Administration, Office of Retirement and Disability Policy Research Note – August 4, 2014

Filed under: Reports and Articles — Tags: — admin @ 4:21 pm

Financial Literacy Among American Indians and Alaska Natives,” by John L. Murphy, Alicia Gourd, and Faith Begay (Research and Statistics Note No. 2014-04, August 2014, .pdf and HTML format, 8p.).

www.ssa.gov/policy/docs/rsnotes/rsn2014-04.html

July 14, 2014

CAAR – National Bureau of Economic Research Working Paper – July 14, 2014

Filed under: Working Papers — Tags: , — admin @ 4:50 pm

Links to an abstract are available. For full text availability check your organization’s library. “Financial Literacy and Retirement Planning in Canada,” by David Boisclair, Annamaria Lusardi, and Pierre-Carl Michaud (w20297, July 2014, .pdf format, 29p.).

www.nber.org/papers/w20297

June 23, 2014

CAAR – National Bureau of Economic Research Working Paper – June 23, 2014

Filed under: Working Papers — Tags: — admin @ 4:32 pm

Links to an abstract are available. For full text availability check your organization’s library. “Visual Tools and Narratives: New Ways to Improve Financial Literacy,” by Annamaria Lusardi, Anya Savikhin Samek, Arie Kapteyn, Lewis Glinert, Angela Hung, and Aileen Heinberg (w20229, June 2014, .pdf format, 39p.).

www.nber.org/papers/w20229

September 11, 2013

CAAR – Institute for the Study of Labor (IZA) [University of Bonn, Germany] Working Paper – September 11, 2013

Filed under: Working Papers — Tags: , — admin @ 4:02 pm

(Lack of) Pension Knowledge,” by Alan Barrett, Irene Mosca, and Brendan J. Whelan (Discussion Paper No. 7596, August 2013, .pdf format, 21p.). Note: Links to the abstract and full-text can be found at:

www.iza.org/en/webcontent/publications/papers/viewAbstract?dp_id=7596

April 22, 2013

CAAR – National Bureau of Economic Research Working Papers – April 22, 2013

Filed under: Working Papers — Tags: , — admin @ 4:42 pm

A. “Financial Literacy and High-Cost Borrowing in the United States,” by Annamaria Lusardi and Carlo de Bassa Scheresberg (w18969, .pdf format, 41p.).

Abstract:

In this paper, we examine high-cost methods of borrowing in the United States, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own shops, and offer a portrait of borrowers who use these methods. Considering a representative sample of more than 26,000 respondents, we find that about one in four Americans has used one of these methods in the past five years. Moreover, many young adults engage in high-cost borrowing: 34 percent of young respondents (aged 18–34) and 43 percent of young respondents with a high school degree have used one of these methods. Using well-tested questions to measure financial literacy, we document that most high-cost borrowers display very low levels of financial literacy, i.e., they lack numeracy and do not possess knowledge of basic financial concepts. Most importantly, we find that those who are more financially literate are much less likely to have engaged in high-cost borrowing. Our empirical work shows that it is not only the shocks inflicted by the financial crisis or the structure of the financial system but that the level of financial literacy also plays a role in explaining why so many individuals have made use of high-cost borrowing methods.

papers.nber.org/papers/w18969

B. “Shrouded Costs of Government: The Political Economy of State and Local Public Pensions,” by Edward L. Glaeser and Giacomo A. M. Ponzetto (w18976, April 2013, .pdf format, 67p.).

Abstract:

Why are public-sector workers so heavily compensated with pensions and other non-pecuniary benefits? In this paper, we present a political economy model of shrouded compensation in which politicians compete for taxpayers’ and public employees’ votes by promising compensation packages, but some voters cannot evaluate every aspect of compensation. If pension packages are “shrouded,” meaning that public-sector workers better understand their value than ordinary taxpayers, then compensation will be inefficiently back-loaded. In equilibrium, the welfare of public-sector workers could be improved, holding total public sector costs constant, if they received higher wages and lower pensions. Central control over dispersed municipal pensions has two offsetting effects on pension generosity: more state-level media attention helps taxpayers better understand pension costs, which reduces pension generosity; but a larger share of public sector workers will live within the jurisdiction, which increases pension generosity. We discuss pension arrangements in two decentralized states (California and Pennsylvania) and two centralized states (Massachusetts and Ohio) and find that in these cases, centralization appears to have modestly reduced pension arrangements; but, as the model suggests, this finding is unlikely to be universal.

www.nber.org/papers/w18976

April 15, 2013

CAAR – National Bureau of Economic Research Working Paper – April 15, 2013

Filed under: Working Papers — Tags: — admin @ 4:45 pm

The Economic Importance of Financial Literacy: Theory and Evidence,” by Annamaria Lusardi and Olivia S. Mitchell (w18952, April 2013, .pdf format, 63p.).

Abstract:

In this paper, we undertake an assessment of the rapidly growing body of research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision-making in the United States and elsewhere. While the literature is still growing, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy.

papers.nber.org/papers/w18952

April 2, 2013

CAAR – Pension Research Council, Wharton School, University of Pennsylvania Working Papers – April 2, 2013

Filed under: Working Papers — Tags: , — admin @ 4:47 pm

A. “The Economic Importance of Financial Literacy: Theory and Evidence,” by Annamaria Lusardi and Olivia S. Mitchell (WP2013-02, March 2013, .pdf format, 63p.). Note: Links to the abstract and full-text can be found at:

www.pensionresearchcouncil.org/publications/document.php?file=1040

B. “Complexity as a Barrier to Annuitization: Do Consumers Know How to Value Annuities?” by Jeffrey R. Brown, Arie Kapteyn, Erzo F. P. Luttmer, and Olivia S. Mitchell (WP2013-01, March 2013, .pdf format, 50p.). Note: Links to the abstract and full-text can be found at:

www.pensionresearchcouncil.org/publications/document.php?file=1040

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