Limited understanding of individual retirement accounts among chileans
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.
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- 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, Oxford University Press, vol. 112(2), pages 537-579.
- 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.
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