Financial Decision Making and Retirement Security in an Aging World

As the world's population lives longer, it will become increasingly important for plan sponsors, retirement advisors, regulators, and financial firms to focus closely on how older persons fare in the face of rising difficulties with cognition and financial management. This book offers state-of-the-art research and recommendations on how to evaluate when older persons need financial advice, help them make better financial decisions, and to identify policy options for handling these individual and social challenges efficiently and fairly. This latest volume in the Pension Research Council series, draws lessons from theory and practice, and will be of interest to employees and retirees, consumers and researchers, and financial institutions working to design better retirement plan offerings. Contributors to this volume - Wandi Bruine de Bruin holds a University Leadership Chair in Behavioural Decision Making at the Leeds University Business School Gordon L. Clark is Professor and Director of the Smith School of Enterprise and Environment at Oxford University Robert Clark is Stephen Zelnak Professor of Economics and Professor of Management, Innovation and Entrepreneurship in the Poole College of Management Janet Cowell is North Carolina's popularly-elected Treasurer Martha Deevy is a Senior Research Scholar and Director of the Financial Security Division at the Stanford Center on Longevity Maurizio Fiaschetti is Lecturer in Banking and Finance at the School of Oriental and African Studies Raquel Fonseca is an Associate Professor at Universite du Quebec a Montreal Keith Jacks Gamble is an Assistant Professor of Finance at DePaul University P. Brett Hammond is Research Leader at the American Funds for Capital Group Cynthia Hutchins is the Director of Financial Gerontology for Bank of America Merrill Lynch Arie Kapteyn is a Professor of Economics and the Executive Director of the Dornsife College of Letters, Arts and Sciences Center for Economic and Social Research at the University of Southern California Christine N. Kieffer is Senior Director of the FINRA Investor Education Foundation Hugh Hoikwang Kim is an Assistant Professor of Finance in the Department of Finance at the University of South Carolina Surya Kolluri manages Policy and Market Planning for the Merrill Lynch BAC-ML Global Wealth and Retirement Solutions Business Raimond Maurer is the Chair of Investment, Portfolio Management, and Pension Finance at the Finance Department of Goethe University Frankfurt Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor, as well as Professor of Insurance/Risk Management and Business Economics/ Policy; Executive Director of the Pension Research Council; and Director of the Boettner Center for Pensions and Retirement Research, all at the Wharton School of the University of Pennsylvania Gary R. Mottola is Research Director of the FINRA Investor Education Foundation Peter Tufano is the Peter Moores Dean and Professor of Finance at the University of Oxford's Said Business School Stephen P. Utkus is Principal and Director of the Vanguard Center for Retirement Research Gema Zamarro is an Associate Professor and holds the 21st Century Endowed Chair in Teacher Quality at the Department of Education Reform at the University of Arkansas