TY - RPRT T1 - Exploring the Risks and Consequences of Elder Fraud Victimization: Evidence from the Health and Retirement Study Y1 - 2018 A1 - DeLiema, Marguerite A1 - Deevy, Martha A1 - Annamaria Lusardi A1 - Olivia S. Mitchell KW - Crime KW - Elder fraud KW - Gender Differences KW - Risk Factors AB - This is the first study to use longitudinal data to explore both the antecedents and consequences of fraud victimization in the older population. Because older persons are close to or past the peak of their wealth accumulation, they are often the targets of fraud. This paper reports on analysis of the Leave Behind Questionnaires (LBQs) fielded on Health and Retirement Study (HRS) respondents over three survey waves in 2008, 2010, and 2012. We evaluate the demographic determinants and risk factors of reporting financial fraud victimization in the survey, and explore whether there are demographic subgroups of older victims. In addition, we examine the financial, physical and psychological consequences of fraud. Overall results suggest that there is no single reliable predictor of fraud victimization across all three LBQ samples. When LBQ responses were pooled across survey years, we found that younger, male, better-educated, and depressed persons reported being defrauded significantly more often. Victimization was associated with lower nonhousing wealth in the combined sample controlling for other factors, but had no measurable impact on cognitive, psychological, or physical health outcomes. Future research should examine predictors and outcomes based on the type of financial fraud experienced and the amount of money lost. JF - Michigan Retirement Research Center PB - Michigan Retirement Research Center, Institute for Social Research, University of Michigan CY - Ann Arbor, MI UR - http://mrrc.isr.umich.edu/wp374/ ER - TY - JOUR T1 - The Economic Importance of Financial Literacy: Theory and Evidence JF - Journal of Economic Literature Y1 - 2014 A1 - Annamaria Lusardi A1 - Olivia S. Mitchell KW - Decision making KW - Financial literacy KW - Older Adults KW - Welfare AB - This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research, which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare, as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision making in the United States and elsewhere. While the literature is still young, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy. VL - 52 UR - http://pubs.aeaweb.org/doi/abs/10.1257/jel.52.1.5 IS - 1 JO - Journal of Economic Literature ER - TY - RPRT T1 - Eligibility for Social Security Disability Insurance Y1 - 2001 A1 - Olivia S. Mitchell A1 - John W R Phillips KW - Disabilities KW - Insurance KW - Social Security PB - Philadephia, PA, University of Pennsylvania, The Wharton School UR - http://prc/wharton.upenn.edu/prc/prc.html U4 - Social Security/Insurance/Disability/Disability ER - TY - CHAP T1 - Early Retirement Windows T2 - Forecasting Retirement Needs and Retirement Wealth Y1 - 2000 A1 - Charles Brown ED - Olivia S. Mitchell ED - Hammond, B. ED - Rappaport, A. KW - Net Worth and Assets KW - Retirement Planning and Satisfaction JF - Forecasting Retirement Needs and Retirement Wealth PB - Univ. of Pennsylvania Press CY - Philadelphia UR - https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/ N1 - ProCite field 8 : eds U4 - Retirement/Early out Windows/Wealth/Retirement Planning JO - Early Retirement Windows ER - TY - CHAP T1 - Evaluating Pension Entitlements T2 - Forecasting Retirement Needs and Retirement Wealth Y1 - 2000 A1 - Alan L Gustman A1 - Olivia S. Mitchell A1 - Andrew A. Samwick A1 - Thomas L. Steinmeier ED - Olivia S. Mitchell ED - Hammond, B. ED - Rappaport, A. KW - Net Worth and Assets KW - Pensions KW - Public Policy JF - Forecasting Retirement Needs and Retirement Wealth PB - University of Pennsylvania Press CY - Philadelphia UR - https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/ N1 - RDA 1996-005; Revision of Pension Research Council Working Paper 98-20 ProCite field 8 : eds. U4 - Pensions/Entitlements/Wealth ER - TY - CHAP T1 - Explaining Retirement Saving Shortfalls T2 - Forecasting Retirement Needs and Retirement Wealth Y1 - 2000 A1 - Olivia S. Mitchell A1 - James Moore A1 - John W R Phillips ED - Olivia S. Mitchell ED - Hammond, B. ED - Rappaport, A. KW - consumption KW - Savings JF - Forecasting Retirement Needs and Retirement Wealth PB - University of Pennsylvania Press CY - Philadelphia UR - https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/ N1 - RDA 1996-002; Revision of Pension Research Council Working Paper 98-13 ProCite field 6 : In ProCite field 8 : eds. U4 - Retirement Saving ER - TY - CHAP T1 - Effects of Pensions on Household Wealth Accumulation: Implications of the Shift Toward Defined Contribution Plans T2 - Living With Defined Contribution Pensions Y1 - 1998 A1 - William G. Gale A1 - Milano, Joseph ED - Olivia S. Mitchell ED - Scheiber, S. KW - Net Worth and Assets KW - Pensions AB - Pension wealth constitutes a sizable portion of households' retirement resources. Close to half of civilian nonagricultural workers participate in pension plans.' Future income flows from private pensions accounted for 20 percent of the wealth of households aged 65-69 in 1991 (Poterba, Venti, and Wise 1994, table 1). Thus the relation between pensions and other household wealth can have important implications for policy issues, such as how to raise the saving rate or assure adequate saving for retirement, as well as for more fundamental issues, such as how people make economic decisions about the future. JF - Living With Defined Contribution Pensions PB - Univ. of Pennsylvania Press and Pension Research Council UR - https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2015/09/0-8122-3439-1-6.pdf N1 - ProCite field 6 : In ProCite field 8 : eds. U4 - 401(k) participation and balances/Wealth Accumulation JO - Effects of Pensions on Household Wealth Accumulation: Implications of the Shift Toward Defined Contribution Plans ER -