Financial Literacy
Implications for Retirement Security and the Financial Marketplace
Series: Pensions Research Council;
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Product details:
- Publisher OUP Oxford
- Date of Publication 27 October 2011
- ISBN 9780199696819
- Binding Hardback
- No. of pages328 pages
- Size 241x162x23 mm
- Weight 612 g
- Language English 0
Categories
Short description:
As defined contribution pensions become prevalent, retirees are increasingly responsible for managing their own pension assets and thus their own financial literacy becomes crucial. Based on empirical evidence and new research, the book examines how financial literacy enhances retirement decision-making in ever more complex financial markets.
MoreLong 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with defined contribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension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.
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.
Table of Contents:
The Outlook for Financial Literacy
Part I. Financial Literacy and Financial Decision Making
Financial Literacy and Planning: Implications for Retirement Wellbeing
Pension Plan Distributions: The Importance of Financial Literacy
Financial Literacy and 401(k) Loans
Financial Illiteracy and Stock Market Participation: Evidence from the RAND American
Life Panel
Part II. Evaluating Financial Literacy Interventions
Fees, Framing, and Financial Literacy in the Choice of Pension Manager
Investor Knowledge and Experience with Investment Advisers and Broker-Dealers
Pecuniary Mistakes? Payday Borrowing by Credit Union Members
Annuities, Financial Literacy and Information Overload
Part III. Shaping the Financial Literacy Environment
Financial Counseling, Financial Literacy, and Household Decision Making
Time Perception and Retirement Saving: Lessons from Behavioral Decision Research
Making Savers Winners: An Overview of Prize-Linked Saving Products
How to Improve Financial Literacy: Some Successful Strategies
Bringing Financial Literacy and Education to Low and Middle Income Countries
Improving Financial Literacy: The Role of Nonprofit Providers
