| Title | Are DC Plans Tools for Learning? Pension Design, Financial Education, and Portfolio Choice for Older Workers |
| Publication Type | Report |
| Year of Publication | 2005 |
| Authors | Seligman, JS, Bose, R |
| Institution | University of Georgia |
| Call Number | wp_2005/SeligmanBose.pdf |
| Keywords | Net Worth and Assets, Pensions, Retirement Planning and Satisfaction |
| Abstract | This work considers the potential for Defined Contribution (DC) pension plans to educate and affect better overall asset management though participation. We engage six waves of the Health and Retirement Survey to investigate whether household exposure to active management or participation in plan sponsored financial education impact portfolio allocations and wealth. We consider outcomes both within and outside of the worker s DC plan, allow for simultaneous allocation decisions via multivariate probit specifications, and construct a synthetic counterfactual via propensity score matching to test our results. We find repeated evidence that both of the plan features we test improve asset allocations and financial outcomes. |
| Endnote Keywords | Pension Plans/RETIREMENT/Financial Management/Portfolio Choice |
| Endnote ID | 16580 |
| Citation Key | 5641 |
