February 2017

04Feb

Workers' Knowledge of their Pension Coverage: A Reevaluation

By Martha Starr-McCluer & Annika Sundén Because employer-provided pensions represent an important source of income during retirement, accurate information on pension coverage would seem to be crucial for making sound decisions on retirement timing, saving and portfolio allocation. However, previous research suggests that workers’ knowledge of their pension provisions is often incomplete or incorrect. This paper re-examines workers’ knowledge of their pension coverage, using matched employer-employee data from the Federal Reserve Board’s Survey of Consumer Finances. We find that, while...

February 4, 2017
Aging, Articles, Labor Market,
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04Feb

Workers’ Knowledge of their Pension Coverage: A Reevaluation

By Martha Starr-McCluer & Annika Sundén Because employer-provided pensions represent an important source of income during retirement, accurate information on pension coverage would seem to be crucial for making sound decisions on retirement timing, saving and portfolio allocation. However, previous research suggests that workers’ knowledge of their pension provisions is often incomplete or incorrect. This paper re-examines workers’ knowledge of their pension coverage, using matched employer-employee data from the Federal Reserve Board’s Survey of Consumer Finances. We find that, while...

February 4, 2017
Aging, Articles, Labor Market,
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04Feb

Aging and Financial Victimization: How Should the Financial Service Industry Respond?

By Marguerite DeLiema and Martha Deevy Elder financial victimization is a growing problem facing older Americans. As the conduits of financial transactions, financial firms are positioned to stop losses at their source. Representatives at small and large firms were interviewed to describe their financial exploitation training and prevention programs, their detection and response protocols, and how they balance the goals of client protection with the client’s right to autonomy and privacy in financial decision-making. Representatives from regulatory agencies were interviewed...

February 4, 2017
Aging, Articles, Corporate Governance, ,
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04Feb

Retirement Security: Better Information on Income Replacement Rates Needed to Help Workers Plan for Retirement

By Charles Jeszeck, Kimberley Granger, Jennifer Gregory, Melinda Bowman & Amrita Sen What GAO Found: Household spending patterns varied by age, with mid-career households (those aged 45-49) spending more than older households. For example, according to 2013 survey data from the Bureau of Labor Statistics (BLS), mid-career households spent an estimated average of around $58,500, while young retiree households (those aged 65-69) spent about 20 percent less. While the share of spending was consistent for some categories, other categories had...

February 4, 2017
Adequacy, Articles, Labor Market, ,
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04Feb

Financial Literacy and Financial Education: Review and Policy Implications

By Annamaria Lusardi In recent years, as workers have gained an unprecedented degree of control over their pensions and savings, the importance of financial literacy and financial education has increased considerably. Large changes in the structure of financial markets, labor markets, and demographics in developed countries have led to this change. Consumers have a bewildering array of complex financial products - from reverse mortgages to annuities - to choose from, making saving decisions increasingly complex. Knowledge about the working of...

February 4, 2017
Articles, Regulation, Savings,
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03Feb

Efectos de la educación en el nivel de las contribuciones a los planes privados de pensiones de las familias en España

By José Sánchez Campillo, Dolores Moreno, José Rodríguez En este trabajo se abordan los efectos de la educación en el comportamiento financiero de las familias españolas, con relación a la contratación de los planes privados de pensiones. Se realizan varias estimaciones de la probabilidad de tener planes de pensiones y de realizar aportaciones a los mismos, utilizando el modelo logit y los microdatos de la Encuesta Financiera de las Familias del Banco de España del 2005. Los resultados muestran que...

February 3, 2017
Artículos, Noticias, Spanish,
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