Occupational Learning, Financial Knowledge, and the Accumulation of Retirement Wealth

TitleOccupational Learning, Financial Knowledge, and the Accumulation of Retirement Wealth
Publication TypeReport
Year of Publication2010
AuthorsHelppie, B, Kapinos, K, Willis, RJ, Michigan Retirement Research Center
InstitutionThe University of Michigan, Michigan Retirement Research Center
KeywordsHealth Conditions and Status, Net Worth and Assets
Abstract

This study explores the relationship between general human capital investment, financial knowledge, occupational spillovers, and the accumulation of wealth in a primarily descriptive manner. Drawing upon human capital theory and following previous related work by Delavande, Rohwedder and Willis (2008), we hypothesized that individuals with daily exposure to financial knowledge through their occupation would benefit by having greater financial knowledge that would translate into greater wealth accumulation than individuals who do not enjoy such spillovers from their occupation. Using data from the Cognitive Economics Study and the Health and Retirement Study, we find strong evidence that individuals in financial occupations tend to have greater financial knowledge and moderate evidence that they also have greater wealth accumulation.

Endnote Keywords

human capital/financial knowledge/Cognitive Economics Study/wealth Accumulation

Endnote ID

24320

Citation Key5801