Key Findings Details
How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
Justine Hastings and Olivia S. Mitchell
- In a nationally representative survey of Chileans in 2009, we find that those with more patience in investing and a greater ability to follow through on plans are much more likely to have higher retirement savings and invest in their health.
- Those who are more financially literate also tend to have more retirement savings.
- Those with less financial literacy and less education are more sensitive to how information about investment fee funds is framed.
- People are more responsive to rewards versus losses when calculating fund fees and selecting plan types.