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Limited understanding of individual retirement accounts among chileans

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  • Claudia Martínez
  • Claudia sahm

Abstract

Chileans 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.

Suggested Citation

  • Claudia Martínez & Claudia sahm, 2009. "Limited understanding of individual retirement accounts among chileans," Working Papers wp296, University of Chile, Department of Economics.
    • Handle: RePEc:udc:wpaper:wp296
    as

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    File URL: http://www.econ.uchile.cl/uploads/publicacion/83f9b0e5-6fe8-4a02-812c-ed4801ff6f0d.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Robert B. Barsky & F. Thomas Juster & Miles S. Kimball & Matthew D. Shapiro, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(2), pages 537-579.
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    Cited by:

    1. Alphoncina Kagaigai & Sverre Grepperud, 2023. "The role of risk preferences: voluntary health insurance in rural Tanzania," Health Economics Review, Springer, vol. 13(1), pages 1-15, December.
    2. Fred Schroyen & Karl Ove Aarbu, 2018. "Attitudes Towards Large Income Risk in Welfare States: An International Comparison," Economica, London School of Economics and Political Science, vol. 85(340), pages 846-872, October.

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    More about this item

    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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