As more and more public pension systems are shifting away from a defined benefit only framework, the complexity of the financial decisions facing public employees is increasing. This raises some concerns about the financial literacy of participants and their ability to make informed decisions....

The family home is the most important asset on household balance sheets, aside from human capital. Choosing a suitable mortgage is therefore critical to financial well-being but households often make costly mistakes. We collect data in an online survey to test borrowers' comfort with, and...

We study a new and unique data set of daily aggregate transfers of funds between mutual funds held in 401(k) accounts. We find that 401(k) transfers correlate strongly and positively with contemporaneous daily returns in the corresponding asset class. GMM estimation based on the...