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Financial Literacy: Implications for Retirement Security and the Financial Marketplace
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Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Olivia S. Mitchell and Annamaria Lusardi

Abstract

As financial markets become increasingly complex and integrated, individuals and their families are increasingly faced with making highly sophisticated and all-too-often irreversible economic decisions. Nowhere is this more evident than with regard to retirement decision-making: a half-century ago, traditional defined benefit pension schemes were the norm in the United States, Japan, Australia and much of Europe, but these have now been largely replaced with defined contribution pensions. In the process, employer and government judgment regarding how much to save and where to invest has been r ... More

Keywords: financial literacy, retirement, saving, financial education, financial decision-making, counseling, behavior

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780199696819
Published to Oxford Scholarship Online: January 2012 DOI:10.1093/acprof:oso/9780199696819.001.0001

Authors

Affiliations are at time of print publication.

Olivia S. Mitchell, 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

Annamaria Lusardi, editor
Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College and a Research Associate at the National Bureau of Economic Research

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Contents

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Chapter 1 The Outlook for Financial Literacy

Annamaria Lusardi Olivia S. Mitchell

Part I Financial Literacy and Financial Decision-Making

Chapter 3 Pension Plan Distributions: The Importance of Financial Literacy

Robert L. Clark Melinda S. Morrill Steven G. Allen

Chapter 4 Financial Literacy and 401(k) Loans

Stephen P. Utkus Jean A. Young

Part II Evaluating Financial Literacy Interventions

Chapter 8 Pecuniary Mistakes? Payday Borrowing by Credit Union Members

Susan P. Carter Paige M. Skiba Jeremy Tobacman

Part III Shaping the Financial Literacy Environment

Chapter 10 Financial Counseling, Financial Literacy, and Household Decision-Making

Sumit Agarwal Gene Amromin Itzhak Ben-David Souphala Chomsisengphet Douglas D. Evanoff

Chapter 12 Making Savers Winners: An Overview of Prize-Linked Saving Products

Melissa S. Kearney Peter Tufano Jonathan Guryan, Erik Hurst