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The Alignment of Household Preferences and Financial Decisions Leading up to Retirement

Author

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  • Leandro Carvalho

    (University of Southern California)

  • Arna Olafsson

    (Copenhagen Business School)

  • Dan Silverman

    (Arizona State University)

Abstract

We report on research that links survey and administrative data to investigate how within-couple differences in preferences and financial decision-making abilities affect household finances. We study whether within-household differences in preferences or financial decision-making abilities influence household choices and, thus, retirement readiness. Initial results indicate that, while individual variation in saving and portfolio preferences and decision-making ability is significantly related to individual variation in financial outcomes, there is only modest evidence that within-household variation in these measures is associated with between-household differences in expenditure, liquidity, and outcomes.

Suggested Citation

  • Leandro Carvalho & Arna Olafsson & Dan Silverman, 2022. "The Alignment of Household Preferences and Financial Decisions Leading up to Retirement," Working Papers wp446, University of Michigan, Michigan Retirement Research Center.
    • Handle: RePEc:mrr:papers:wp446
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