TY  - BOOK
AU  - Clark,Robert
AU  - Lusardi,Annamaria
AU  - Mitchell,Olivia S.
ED  - National Bureau of Economic Research.
TI  - Employee Financial Literacy and Retirement Plan Behavior: A Case Study 
T2  - NBER working paper series
PY  - 2015///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - August 2015; Hardcopy version available to institutional subscribers
N2  - This paper uses administrative data on all active employees of the Federal Reserve System to examine participation in and contributions to the Thrift Saving Plan, the system's defined contribution (DC) plan.  We have appended to the administrative records a unique employee survey of economic/demographic factors including a set of financial literacy questions. Not surprisingly, Federal Reserve employees are more financially literate than the general population; furthermore, the most financially savvy are also most likely to participate in and contribute the most to their plan. Sophisticated workers contribute three percentage points more of their earnings to the DC plan than do the less knowledgeable, and they hold more equity in their pension accounts. Finally, we examine changes in employee plan behavior a year after the financial literacy survey and compare it to the baseline. We find that employees who completed an educational module were more likely to start contributing and less likely to have stopped contributing to the DC plan post-survey
UR  - https://www.nber.org/papers/w21461
UR  - http://dx.doi.org/10.3386/w21461
ER  -