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Alternative measures of non-cognitive skills and their effect on retirement preparation and financial capability

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  • Zamarro, Gema

Abstract

Individuals are increasingly asked to take responsibility for preparing for retirement and available financial products to do so are growing in sophistication. A better understanding of how non-cognitive skills influence financial capability and retirement preparation could help effective policy design. This area of research has been hampered by the struggle to find reliable measures of these skills. I argue that questionnaires themselves can be seen as performance tasks, such that measures of survey effort could lead to meaningful measures of non-cognitive skills. I exploit the fact that I observe respondents taking multiple survey modules covering different topics in different moments of time to build survey effort measures in a nationally representative internet panel. I use survey effort measures along with self-reports to study the role of non-cognitive skills on retirement preparation and financial capability. My results show that non-cognitive skills can have a significant role, beyond the role of cognitive ability.

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  • Zamarro, Gema, 2021. "Alternative measures of non-cognitive skills and their effect on retirement preparation and financial capability," Journal of Pension Economics and Finance, Cambridge University Press, vol. 20(4), pages 532-546, October.
    • Handle: RePEc:cup:jpenef:v:20:y:2021:i:4:p:532-546_8
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    Cited by:

    1. Lu Fan & Swarn Chatterjee & Jinhee Kim, 2022. "An Integrated Framework of Young Adults’ Subjective Well-Being: The Roles of Personality Traits, Financial Responsibility, Perceived Financial Capability, and Race," Journal of Family and Economic Issues, Springer, vol. 43(1), pages 66-85, March.

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