Financial Literacy
Implications for Retirement Security and the Financial Marketplace
1st Edition
Published on 27. October 2011
Book
Hardback
328 pages
978-0-19-969681-9 (ISBN)
Description
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with defined contribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension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 to disentangle whether financial literacy causes saving or vice versa, and demonstrates that financial education programs do indeed enhance financial decision-making and asset accumulation.
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 to disentangle whether financial literacy causes saving or vice versa, and demonstrates that financial education programs do indeed enhance financial decision-making and asset accumulation.
Reviews / Votes
Financial Literacy offers a comprehensive journey across the current state of understanding of financial education and its impact on financial behaviours. It provides a useful survey of the field and will give any financial practitioner or policy-maker reasons and methods to think about the human consequences of their designs and actions. * Jeremy Duffield, Journal of Pension Economics and Finance *More details
Series
Language
English
Place of publication
Oxford
United Kingdom
Target group
Professional and scholarly
Dimensions
Height: 240 mm
Width: 161 mm
Thickness: 22 mm
Weight
658 gr
ISBN-13
978-0-19-969681-9 (9780199696819)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
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 has taught at Dartmouth College, Princeton University, and the University of Chicago's Harris School of Public Policy and Booth School of Business. She is the Director of the new Financial Literacy Center, a joint consortium with the Rand Corporation, Dartmouth College, and the Wharton School of the University of Pennsylvania, with the support of the Social Security Administration. She received her Ph.D. in Economics from Princeton University.
Annamaria Lusardi has taught at Dartmouth College, Princeton University, and the University of Chicago's Harris School of Public Policy and Booth School of Business. She is the Director of the new Financial Literacy Center, a joint consortium with the Rand Corporation, Dartmouth College, and the Wharton School of the University of Pennsylvania, with the support of the Social Security Administration. She received her Ph.D. in Economics from Princeton University.
Editor
International Foundation of Employee Benefit Plans Professor Chair and Professor of Insurance and Risk Management, and Professor of Business and Public Policy Director, Pension Research Council & Boettner Center for Pensions and Retirement Research
, George Washington University and the National Bureau of Economic Research
Content
1. The Outlook for Financial Literacy ; PART I. FINANCIAL LITERACY AND FINANCIAL DECISION MAKING ; 2. Financial Literacy and Planning: Implications for Retirement Wellbeing ; 3. Pension Plan Distributions: The Importance of Financial Literacy ; 4. Financial Literacy and 401(k) Loans ; 5. Financial Illiteracy and Stock Market Participation: Evidence from the RAND American ; Life Panel ; PART II. EVALUATING FINANCIAL LITERACY INTERVENTIONS ; 6. Fees, Framing, and Financial Literacy in the Choice of Pension Manager ; 7. Investor Knowledge and Experience with Investment Advisers and Broker-Dealers ; 8. Pecuniary Mistakes? Payday Borrowing by Credit Union Members ; 9. Annuities, Financial Literacy and Information Overload ; PART III. SHAPING THE FINANCIAL LITERACY ENVIRONMENT ; 10. Financial Counseling, Financial Literacy, and Household Decision Making ; 11. Time Perception and Retirement Saving: Lessons from Behavioral Decision Research ; 12. Making Savers Winners: An Overview of Prize-Linked Saving Products ; 13. How to Improve Financial Literacy: Some Successful Strategies ; 14. Bringing Financial Literacy and Education to Low and Middle Income Countries ; 15. Improving Financial Literacy: The Role of Nonprofit Providers