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The Impact of Financial Education on Savings and Asset

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  • Annamaria Lusardi

    (Dartmouth College)

Abstract

The responsibility to save and contribute to a pension is increasingly left to the individual worker. Understanding how households save and prepare for retirement is of paramount importance. There is concern in the U.S. that many families have little or no wealth even close to retirement. In this project, I use data from the Health and Retirement Study (HRS), a nationally representative sample of the cohort born between 1931 to 1941, to examine the financial situation of older households and their retirement plans. I first show that many families have not thought about retirement even though they are a few years away from retirement and the event is imminent. This finding confirms the results of other surveys, such as the Retirement Confidence Survey, that show that a large majority of workers have not made any plans for retirement.

Suggested Citation

  • Annamaria Lusardi, 2003. "The Impact of Financial Education on Savings and Asset," Working Papers wp061, University of Michigan, Michigan Retirement Research Center.
  • Handle: RePEc:mrr:papers:wp061
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    Cited by:

    1. Erik Hurst, 2004. "Grasshoppers, Ants and Pre-Retirement Wealth: A Test of Permanent Income Consumers," Working Papers wp088, University of Michigan, Michigan Retirement Research Center.
    2. Chang-Keun Han & Michael Sherraden, 2009. "Attitudes and Saving in Individual Development Accounts: Latent Class Analysis," Journal of Family and Economic Issues, Springer, vol. 30(3), pages 226-236, September.
    3. Han, Chang-Keun & Sherraden, Michael, 2009. "Do institutions really matter for saving among low-income households? A comparative approach," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(3), pages 475-483, June.
    4. Zaiton Osman & Phang Ing@Grace & Azaze-Azizi Abd Adis & Izyanti Awg Razli & Mohd Rizwan Abd Majid & Imbarine Bujang, 2016. "Retirement Planning & Job Satisfaction: Cushion to Avoid Bridge Employment?," Asian Social Science, Canadian Center of Science and Education, vol. 12(1), pages 30-41, January.

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