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Workers' knowledge of their pension coverage: a reevaluation

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Author Info
Martha Starr-McCluer
Annika Sunden

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Abstract

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 reexamines 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 most workers in our sample accurately reported the general features of their pension coverage, their knowledge of the detailed features was often fairly limited.

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File URL: http://www.federalreserve.gov/pubs/feds/1999/199905/199905abs.html
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Publisher Info
Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 1999-05.

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Date of creation: 1999
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Handle: RePEc:fip:fedgfe:1999-05

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Related research
Keywords: Pensions ; Saving and investment ; Consumer behavior;

References listed on IDEAS
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  1. Mitchell, Olivia S, 1988. "Worker Knowledge of Pension Provisions," Journal of Labor Economics, University of Chicago Press, vol. 6(1), pages 21-39, January. [Downloadable!] (restricted)
    Other versions:
  2. B. Douglas Bernheim, 1987. "Social Security Benefits: An Empirical Study of Expectations and Realizations," NBER Working Papers 2257, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Karen M. Pence, 2002. "401(k)s and household saving: new evidence from the Survey of Consumer Finances," Finance and Economics Discussion Series 2002-6, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  2. Kevin Neuman, 2008. "Quit Your Job and Get Healthier? The Effect of Retirement on Health," Journal of Labor Research, Springer, vol. 29(2), pages 177-201, June. [Downloadable!] (restricted)
  3. Whitehouse, Edward, 2000. "Pension reform, financial literacy and public information: a case study of the United Kingdom," MPRA Paper 10323, University Library of Munich, Germany. [Downloadable!]
  4. Thomas L. Hungerford, 2003. "U.S. Workers' Investment Decisions for Participant-Directed Defined Contribution Pension Assets," Economics Working Paper Archive 375, Levy Economics Institute, The. [Downloadable!]
  5. Gary V. Engelhardt, 2000. "Have 401(k)s Raised Household Saving? Evidence from the Health and Retirement Study," Social and Economic Dimensions of an Aging Population Research Papers 33, McMaster University. [Downloadable!]
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This page was last updated on 2009-12-15.

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