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Financial Literacy: Implications for Retirement Security and the Financial Marketplace$
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Olivia S. Mitchell and Annamaria Lusardi

Print publication date: 2011

Print ISBN-13: 9780199696819

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199696819.001.0001

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Annuities, Financial Literacy, and Information Overload

Annuities, Financial Literacy, and Information Overload

(p.158) Chapter 9 Annuities, Financial Literacy, and Information Overload
Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Julie Agnew

Lisa Szykman

Oxford University Press

This chapter investigates how financial literacy and information overload influence the decision to purchase an annuity and how they relate to subsequent confidence and satisfaction. Using a dataset from a large-scale experiment, we find that as financial literacy increases, information overload decreases. In addition, people who experience higher levels of information overload are less confident in their choice and are less satisfied with their decision. We recommend that educators and retirement plan architects consider simplifying the decision environment in addition to improving financial literacy with the goal of increasing investor confidence and satisfaction.

Keywords:   annuity, financial literacy, investment, education, retirement, market, annuitize

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