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Financial Literacy
Implications for Retirement Security and the Financial Marketplace
Edited by Olivia S. Mitchell and Annamaria Lusardi
328 pages
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234x156mm
978-0-19-969681-9
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Hardback
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27 October 2011
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- Cutting-edge new research on a timely topic
- Compendium of works from prominent contributors
- Arguments supported by empirical cross-country evidence
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with defined contribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension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.Readership: Academics and researchers in Pensions, Financial Management, Human Resources, Economics, Public Finance, Public Policy, Accounting, Corporate Governance; pension regulators and policymakers; pension and benefits analysts, consultants, financial advisers, and plan sponsors; human
resource/industrial relations specialists
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Edited by Olivia S. Mitchell, 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, and Annamaria Lusardi, George Washington University and the National Bureau of Economic Research Olivia S. Mitchell's main areas of interest are private and public insurance, risk management, public finance, labour markets, compensation, and pensions with both a US and an international focus. She is a Research Associate of the NBER and she earned her Ph.D. in Economics from the University of Wisconsin-Madison.
Annamaria Lusardi has taught at Dartmouth College, Princeton University, and the University of Chicago's Harris School of Public Policy and Booth School of Business. She is the Director of the new Financial Literacy Center, a joint consortium with the Rand Corporation, Dartmouth College, and the Wharton School of the University of Pennsylvania, with the support of the Social Security Administration. She received her Ph.D. in Economics from Princeton University.
Contributors:
Sumit Agarwal, Senior Financial Economist, the Federal Reserve Bank of Chicago.
Julie Agnew, Associate Professor of Finance and Economics and Co-Director of the Center for Interdisciplinary Behavioral Finance Research, the Mason School of Business, the College of William and Mary.
Steven G. Allen, Associate Dean for Graduate Programs and Research, the College of Management, North Carolina State University.
Gene Amromin, Senior Financial Economist, the Federal Reserve Bank of Chicago.
Itzhak Ben-David, Assistant Professor of Finance, the Fisher College of Business, the Ohio State University.
Susan P. Carter,
Ph.D. candidate, Vanderbilt University.
Souphala Chomsisengphet, Senior Financial Economist in the Credit Risk Analysis Division, the Office of the Comptroller of the Currency.
Eric Chyn, Research Assistant, the National Bureau of Economic Research (NBER).
Noreen Clancy, Policy Researcher, RAND
Robert L. Clark, Professor of Management, Innovation, and Entrepreneurship, and Professor of Economics, North Carolina State University.
J. Michael Collins, Assistant Professor in Consumer Science, the University of Wisconsin-Madison
Diana Crossan, Retirement Commissioner of New Zealand.
Jeff Dominitz, Director of Statistics for the Philadelphia Eagles.
Douglas D. Evanoff, Senior Financial Economist and Vice
President in the Economic Research Department, the Federal Reserve Bank of Chicago.
Jonathan Guryan, Associate Professor of Economics, Booth School of Business, the University of Chicago.
Justine Hastings, Associate Professor, Economics Department, Yale University, and Faculty Research Fellow, NBER.
Robert Holzmann, Research Director and Senior Advisor, the Labor Mobility Program, the Marseille Center for Mediterranean Integration and the Financial Literacy and Education Program, the Russia Trust Fund of the World Bank.
Angela A. Hung, Senior Economist and Director, RAND Center for Financial and Economic Decisionmaking
Erik Hurst, V. Duane Rath Professor of Economics and the Neubauer Family Faculty Fellow, Booth School of Business,
the University of Chicago.
Melissa S. Kearney, Associate Professor, the Department of Economics, the University of Maryland and Research Associate, the National Bureau of Economic Research.
B. Kyu Kim, Ph.D. candidate, the Wharton School of the University of Pennsylvania.
Annamaria Lusardi, Joel Z. and Susan Hyatt Professor of Economics, Dartmouth College and Research Associate, the National Bureau of Economic Research.
Olivia S. Mitchell, the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, Department Chair of the same department, and Director of the Pension Research Council, all at the Wharton School, University of Pennsylvania.
Melinda S. Morrill, Research Assistant Professor, the
Department of Economics, North Carolina State University.
Paige M. Skiba, Assistant Professor of Law, Vanderbilt Law School.
Lisa Szykman, Associate Professor of Marketing and Co-Director of the Center for Interdisciplinary Behavioral Finance Research, the Mason School of Business, the College of William and Mary.
Jeremy Tobacman, Assistant Professor, the Wharton School, the University of Pennsylvania.
Peter Tufano, the Sylvan C. Coleman Professor of Financial Management, Harvard Business School
Stephen P. Utkus, Director, the Vanguard Center for Retirement Research.
Joanne Yoong, Associate Economist, RAND.
Jean A. Young, Senior Research Analyst, the Vanguard Center for Retirement Research.
Gal
Zauberman, Associate Professor of Marketing, the Wharton School, the University of Pennsylvania.
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"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." - Jeremy Duffield, Journal of Pension Economics and Finance
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1: Annamaria Lusardi and Olivia S. Mitchell: The Outlook for Financial Literacy
Part I. Financial Literacy and Financial Decision Making
2: Annamaria Lusardi and Olivia S. Mitchell: Financial Literacy and Planning: Implications for Retirement Wellbeing
3: Robert L. Clark, Melinda S. Morrill, and Steven G. Allen: Pension Plan Distributions: The Importance of Financial Literacy
4: Stephen P. Utkus and Jean A. Young: Financial Literacy and 401(k) Loans
5: Joanne Yoong: Financial Illiteracy and Stock Market Participation: Evidence from the RAND American
Life Panel
Part II. Evaluating Financial Literacy Interventions
6: Justine Hastings, Olivia S. Mitchell, and Eric Chyn: Fees, Framing, and Financial Literacy in the Choice of Pension Manager
7: Angela A. Hung, Noreen Clancy, and Jeff Dominitz: Investor Knowledge and Experience with Investment Advisers and Broker-Dealers
8: Susan P. Carter, Paige M. Skiba, and Jeremy Tobacman: Pecuniary Mistakes? Payday Borrowing by Credit Union Members
9: Julie Agnew and Lisa Szykman: Annuities, Financial Literacy and Information Overload
Part III. Shaping the Financial Literacy Environment
10: Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas D. Evanoff: Financial Counseling, Financial Literacy, and Household Decision Making
11: Gal Zauberman and B. Kyu Kim: Time Perception and Retirement Saving: Lessons from Behavioral Decision Research
12: Melissa S. Kearney, Peter Tufano, Jonathan Guryan, and Erik Hurst: Making Savers Winners: An Overview of Prize-Linked Saving Products
13: Diana Crossan: How to Improve Financial Literacy: Some Successful Strategies
14: Robert Holzmann: Bringing Financial Literacy and Education to Low and Middle Income Countries
15: J. Michael Collins: Improving Financial Literacy: The Role of Nonprofit Providers
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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