Limited understanding of individual retirement accounts among chileans
AbstractChileans with more knowledge about the pension system more actively contribute toand manage their individual retirement accounts. This positive association betweensystem knowledge and retirement saving remains even after controlling for di¤er-ences in other relevant attributes, such as ?nancial planning horizon, retirementplan, and risk preference. Furthermore, the members who have the most discretionwith their accounts, such as the self-employed, are often the least knowledgeableabout the pension system. In general, Chileans report a limited understanding oftheir retirement account system, and this lack of knowledge appears to impede activedecision-making in the system.
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Bibliographic InfoPaper provided by University of Chile, Department of Economics in its series Working Papers with number wp296.
Date of creation: Jun 2009
Date of revision:
Find related papers by JEL classification:
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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- Barr, Abigail & Packard, Truman, 2002. "Revealed preference and self-insurance - Can we learn from the self-employed in Chile?," Policy Research Working Paper Series 2754, The World Bank.
- Barsky, Robert B, et al, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 537-79, May.
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