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Financial literacy and the design of retirement plans

机译:金融知识和退休计划设计

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摘要

We design and administer a financial literacy test tailored to a specific defined contribution plan. We find that participants show fairly good knowledge of the basic mechanics of the plan, but are unable to differentiate among various investment options. Knowledge is particularly low among women, low income and low education employees. We also find some evidence that personal contributions lead to more knowledge. These results support plan designs that have few investment options and encourage personal contributions.
机译:我们设计和管理针对特定定额供款计划的财务知识测验。我们发现,参与者对计划的基本机制具有相当的了解,但无法区分各种投资方案。妇女,低收入和低学历雇员的知识特别少。我们还发现一些证据表明,个人贡献可以带来更多的知识。这些结果支持几乎没有投资选择并鼓励个人出资的计划设计。

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