Financial Education Archives - Page 3 of 9 - Pension Policy International

21OctOctober 21, 2021

Ghana. NPRA to target informal sector as it holds Pensions Week in Western Region

Mr Stanley Ogoe, Western Regional Director of the National Pensions Regulatory Authority (NPRA) has hinted that the Authority is taking steps to enlighten the informal sector workers on the benefits of having a retirement plan and becoming members of pension schemes to enable them to start their retirement plans early. He noted that workers in the informal sector so far, have shown the least interest in the 3-tier pension scheme and for that matter the NPRA was therefore encouraging workers...

October 21, 2021

NewsFinancial Education, Informal Sector, Regulation

07OctOctober 7, 2021

Temporal Reframing of Recurring Savings Reduces Perceived Pain and Helps Those with Lower Financial Literacy to Save

By Stephen Shu Steve Thomas & David A. Smith While assessments of the Gig Economy vary in terms of size, growth, and heterogeneity, most studies suggest that this segment of the economy is sizeable, growing, and diverse in terms of types of work. Some concerns in the literature include both the present and future welfare of workers in the Gig Economy. More granular, temporal reframing of savings (e.g., save $5 a day versus $150 a month) has been shown to...

October 7, 2021

Articles, Pension design, Savings2021, Behavioral Economics, Financial Education, Informal Sector

04AugAugust 4, 2021

How can the retirement system help more people afford retirement?

You don’t have to be a mechanic to drive a car, and you shouldn’t have to be a financial expert to prepare for a secure and adequate retirement. In a nutshell, that’s the theme of a new book we edited and contributed to, Wealth after work: Innovative reforms to enhance retirement security. We propose a variety of ways to make the current retirement system work better for the majority of American workers. A better-working retirement system should provide broader and more...

August 4, 2021

News, Slider2021, Financial Education, US

17JunJune 17, 2021

Financial Literacy, Naive Diversification, and Security Selection

By Thomas A. Hanson, Jenna Kalthoff Low levels of financial literacy have been linked to costly errors in investing behavior. This paper examines the relationship between financial literacy and the two financial tasks of asset allocation and security selection in an online survey of college students. Results suggest that financial literacy can slightly attenuate the naïve diversification bias and improve security selection decisions. The results support educational efforts to increase financial literacy to improve retirement savings and financial decisions. Source: SSRN 407...

June 17, 2021

Articles, Investment2021, Financial Education

17JunJune 17, 2021

Do adverse health shock s induce myopic financial planning?

By Jialu L. Streeter Health and financial planning have both been found to be crucial to long-term financial stability. However, the impact of a health shock on financial plan-ning horizon was not directly tested. This article traces the trajectories of the financial planning horizon before and after the occurrence of work-limitinghealth shocks, using longitudinal panel data from the Health and RetirementStudy. Results show that, during the 10 years following a health shock, individ-uals are 20 to 39% more likely to...

June 17, 2021

Articles, Savings2021, Financial Education, Health, Social Security

11MarMarch 11, 2021

Pension Information and Women’s Awareness

By Marta Angelici, Daniela Del Boca, Noemi Oggero, Paola Profeta, Maria Christina Rossi, Claudia Villosio We explore the role of financial and pension information in increasing women’s knowledge and awareness of their future pension status, and consequently, in reducing the gender pension gap. A representative sample of 1249 Italian working women were interviewed to assess their knowledge about pensions and financial issues and about their own savings and personal wealth planned for retirement. The responses showed that their knowledge and...

March 11, 2021

Adequacy, Articles, Pension design2021, Financial Education, Gender Gap, savings

09MarMarch 9, 2021

Ghana. Low financial literacy responsible for low patronage of pensions by women and informal workers

A Compliance officer with the National Pensions Regulatory Authority (NPRA) says low financial literacy is the cause of low patronage of the pension scheme among women and people in the informal sector. Lois Asiamah said the lack of adequate and appropriate information concerning pensions has left a lot of Ghanaian women and others in the informal sector unaware of the opportunities and advantages of investing in a pension scheme. She added that due to the lack of financial literacy, people in...

March 9, 2021

News, Slider2021, Financial Education, Gender Gap, Ghana

16FebFebruary 16, 2021

Does financial wellness education increase retirement plan participation?

Any good advisor knows, a successful retirement plan requires more than a robust investment menu. Plan participation is essential, but also one of the biggest challenges. Financial wellness education can increase participation, bolstering plan participants’ chances of a successful, on-time retirement. In turn, this helps plan sponsors by reducing costs associated with retirement-age employees. With American adults experiencing increased financial stress during the pandemic, plan sponsors and participants are especially interested in financial wellness benefits that can help reduce financial stress...

February 16, 2021

News, Slider2021, Financial Education, savings, US

23DecDecember 23, 2020

Understanding Debt in the Older Population

By Annamaria Lusardi, Olivia S. Mitchell, Noemi Oggero Poor financial capability can erode well-being in later life. To explore debt and debt management among older Americans, age 51-61, we designed and analyzed a new module in the 2018 Health and Retirement Study along with information from the 2018 National Financial Capability Study. Even though this group should be at the peak of their retirement savings, it nevertheless carries debt due to student loans and unpaid medical bills; having children...

December 23, 2020

Adequacy, Aging, Articles2020, Financial Education, Income, Labor Market

24NovNovember 24, 2020

Lack of Financial Literacy May Deter Retirement Plan Participation

The results of a recent survey reveal that most Americans, including retirement plan participants, failed a fluency quiz of key investment selection terms, which can translate into saving less and lower use of investment products. Hearts & Wallets’ “Financial Fluency: What Consumer Understanding of the Language of Finance Means for Advice, Retirement and Asset Management” finds that only 19% of Americans achieved a passing grade when asked to choose the best answer for seven key investment selection...

November 24, 2020

News, Slider2020, Financial Education, US

October 2021

Ghana. NPRA to target informal sector as it holds Pensions Week in Western Region

Temporal Reframing of Recurring Savings Reduces Perceived Pain and Helps Those with Lower Financial Literacy to Save

August 2021

How can the retirement system help more people afford retirement?

June 2021

Financial Literacy, Naive Diversification, and Security Selection

March 2021

Pension Information and Women’s Awareness

Ghana. Low financial literacy responsible for low patronage of pensions by women and informal workers

February 2021

Does financial wellness education increase retirement plan participation?

December 2020

Understanding Debt in the Older Population

November 2020

Lack of Financial Literacy May Deter Retirement Plan Participation