We examine the behavior of members of an industry-wide pension fund to assess both the prevalence of defaults and their impact on retirement savings. Our empirical investigations show that preferences, demographic characteristics and labor mobility matter greatly when it comes to the low active...

Though there is ample empirical evidence demonstrating the relationship between objective financial literacy and retirement planning, we have limited understanding on the role of subjective financial literacy and financial literacy confidence level in individual's retirement planning. In this...

Though ample empirical evidence demonstrates the relationship between objective financial literacy and retirement planning, we have a limited understanding of the role of individuals' subjective financial literacy in their retirement planning. In this study, we examine how individuals' financial...