The Impact of Financial Education on Savings and Asset Allocation

64 Pages Posted: 11 Feb 2008

See all articles by Annamaria Lusardi

Annamaria Lusardi

George Washington University - Department of Accountancy; National Bureau of Economic Research (NBER)

Date Written: October 2003

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

Lusardi, Annamaria, The Impact of Financial Education on Savings and Asset Allocation (October 2003). Michigan Retirement Research Center Research Paper No. WP 2003-061. Available at SSRN: https://ssrn.com/abstract=1092150 or http://dx.doi.org/10.2139/ssrn.1092150

Annamaria Lusardi (Contact Author)

George Washington University - Department of Accountancy ( email )

George Washington University School of Business
Washington, DC 20052
United States

HOME PAGE: http://business.gwu.edu/profiles/annamaria-lusardi/

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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