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The Role of Financial Literacy in Determining Retirement Plans / Robert Clark, Melinda Sandler Morrill, Steven G. Allen.
- Format:
- Book
- Author/Creator:
- Clark, Robert.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w16612.
- NBER working paper series no. w16612
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2010.
- Summary:
- Workers nearing retirement face many important, and often irreversible, choices. We collected detailed demographic and financial literacy data on over 1,500 workers nearing retirement at three large companies to assess how individuals are planning for retirement. Many respondents display limited knowledge and understanding of public and company-provided retirement benefits. Controlling for basic demographics and wealth, we find that misconceptions about eligibility ages and plan generosity influence workers' expected age of retirement. Although retirement-related decisions will affect workers' wellbeing for the remainder of their lifetimes, many do not possess enough basic financial knowledge to confidently make optimal choices.
- Notes:
- Print version record
- December 2010.
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