|Occupational Learning, Financial Knowledge, and the Accumulation of Retirement Wealth
|Year of Publication
|Helppie, B, Kapinos, K, Willis, RJ, Michigan Retirement Research Center
|Michigan Retirement Research Center, University of Michigan
|Ann Arbor, MI
|Health Conditions and Status, Net Worth and Assets
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.
human capital/financial knowledge/Cognitive Economics Study/wealth Accumulation