Retirement planning has become an increasingly important component of individual financial decision making. This paper presents the first causal evidence that compulsory education improves retirement financial outcomes in a developing economy. Exploiting the 1986 compulsory schooling reform in...

We develop and estimate a life-cycle model in which individuals make decisions about consumption, human capital investment, and labor supply and use it to analyze changes in Social Security rules. The most important aspect of our paper is human capital towards the end of the life cycle which...

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...

We develop and estimate a model in which individuals make decisions on consumption, human capital investment, labor supply, and retirement. Unlike all previous work, our model allows both an endogenous wage process (which is typically assumed exogenous in the human capital and earnings dynamics...