Financial Literacy: Implications for Retirement Security and the Financial Marketplace

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Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Format:  Hardcover,

304 pages

Publisher: Oxford Univ Pr

Publish Date: Oct 2011

ISBN-13: 9780199696819

ISBN-10: 0199696810

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Book Information

The following content was provided by the publisher.
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with defined contribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension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.

Specifications

Author:
Publisher: Oxford Univ Pr
Publish Date: Oct 2011
ISBN-13: 9780199696819
ISBN-10: 0199696810
Format: Hardcover
Number of Pages: 304
Shipping Weight (in pounds): 1.35
Product in Inches (L x W x H): 6.1 x 0.9 x 9.2
Walmart No.: 9780199696819

Chapter outline

List of Figures
List of Tables
Notes on Contributors
Abbreviations
The Outlook for Financial Literacy
Financial Literacy and Financial Decision-Making
Financial Literacy and Planning: Implications for Retirement Well-being
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
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
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
End Pages
Index

Book 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.

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