The role of financial literacy in determining retirement plans
By: Robert Clark, Melinda Sandler Morrill, Steven G. Allen
Contributors: Morrill, Melinda S.; Allen, Steven G.; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16612; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16612.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "The NBER Bulletin on Aging and Health provides summaries of publications like this.  You can sign up to receive the NBER Bulletin on Aging and Health by email.  Workers nearing retirement face many important, and often irreversible, choices.  We collected detailed demographic and financial literacy data on over 1,500 workers nearing retirement at three large companies to assess how individuals are planning for retirement.  Many respondents display limited knowledge and understanding of public and company-provided retirement benefits.  Controlling for basic demographics and wealth, we find that misconceptions about eligibility ages and plan generosity influence workers' expected age of retirement.  Although retirement-related decisions will affect workers' wellbeing for the remainder of their lifetimes, many do not possess enough basic financial knowledge to confidently make optimal choices"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 4/5/2011.

Includes bibliographical references.

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Mode of access: World Wide Web.