RAND Research Topic: Personal Savings

Does 401(k) Auto-Enrollment Help Low-Income Households?

Mar 6, 2012

People with low levels of financial literacy are more easily influenced by the default settings of employee savings plans. The Financial Literacy Center is measuring differences in default effects for employees at companies with auto-enrollment retirement plans, focusing on differential behavior by income.

Informing the Choice Between Lump Sums and Retirement Annuity Payouts

Feb 3, 2012

Households annuitize very little of their retirement savings. The Financial Literacy Center is studying the annuitization choices of retiring workers, designing and implementing new communication strategies that will raise acceptance of annuities, and examining the effectiveness of these strategies.

Refining and Evaluating a Financial "Bootcamp" for Women

Jan 6, 2012

Women continue to lag behind men, not only in income, but in overall financial capability and retirement preparedness. A financial "bootcamp" may hold promise as a financial education program for early to mid-career women.

Understanding the Geography of Financial Literacy in the U.S.

Nov 18, 2011

Results from the National Financial Capability Survey show the majority of Americans lack basic numeracy and knowledge of fundamental economic principles. The Financial Literacy Center is analyzing the raw survey data to construct an atlas of financial literacy among U.S. states and among some demographic groups.

Can Commitment Savings Help Americans Be Better Prepared for Retirement?

Nov 11, 2011

Many households use commitment devices such as monthly mortgage payments, Social Security, and payroll 401(k) deductions to help them save. The Financial Literacy Center is trying to design a "new and improved" 401(k) that offers a better combination of liquidity and commitment than the current defined contribution pension.

Personal Retirement Accounts and Saving

Nov 1, 2011

Aging populations are leading countries worldwide to social security reforms. Many countries are moving from pay-as-you-go to personal retirement account (PRA) systems because of their financial sustainability and positive impact on private savings.

Five Steps to Financial Planning Success

Oct 12, 2011

Lack of financial literacy has been shown to be a serious obstacle to financial stability. The Financial Literacy Center is using new and innovative methods such as visual tools and the power of stories and narratives to teach basic but fundamental economic concepts that are the foundation of financial decisionmaking.

Conference Highlighted New Ideas to Help Consumers Make Better Financial Decisions

Sep 8, 2011

These videos offer presentations from "Emerging Research on Financial Literacy: a Workshop," held by the Financial Literacy Center, a joint center of the RAND Corporation, Dartmouth College, and the Wharton School. The workshop brought together Center scholars with policymakers and practitioners in the financial literacy field.

Financial Literacy Conference Addresses Retirement Planning, Better Decisionmaking

Feb 21, 2011

At the first annual conference of the Financial Literacy Research Consortium, scholars discussed how programs, educational products, and policies can best promote financial planning and security. Videos from the presentations are available on rand.org.

Does the Social Security Statement Improve Americans' Knowledge of Their Retirement Benefits?

Dec 8, 2010

A Social Security statement is sent annually to each working American age 25 and over and represents the best estimate of the benefits that an American will receive. This brief assesses how well near-retirees predict what they will receive from Social Security and finds that their accuracy did not improve after statements began distribution in 1995.

What Influences New Hires to Save for Retirement?

Nov 16, 2010

Many people who start new jobs fail to enroll in employer-offered retirement saving programs, even when the employer offers to match their contributions. Researchers are studying the behavior of new hires at six large employers to identify the factors that influence the choice to start saving for retirement.

Is Social Security Claiming Influenced by How Information Is Framed?

Nov 16, 2010

Americans can begin claiming social security benefits between ages 62 and 70. However, the age chosen to begin claiming affects the amount of money received. Researchers found that the way in which benefit information is framed influences someone's choice of claiming age.

How Much Do People Know About Social Security?

Nov 16, 2010

Many Americans have little understanding of how to plan for retirement. This survey of thousands of Americans found they are ill informed about how the Social Security system works, what benefits they will receive, when they should claim them.

New Study Links a Couple's Higher Numeracy Skills with Greater Family Wealth

Nov 9, 2010

Couples who score well on a simple test of numeracy ability accumulate more wealth by middle age than couples who score poorly on such a test.

Latest Developments in Financial Literacy Are Focus of Major Conference in Washington, D.C.

Oct 25, 2010

A conference highlighting the latest developments in improving the financial literacy of the American public is being held Nov. 18 and 19 in Washington D.C. by the Financial Literacy Center and the U.S. Social Security Administration.

RAND Launches New Financial Literacy Center with Dartmouth College and the Wharton School

Oct 7, 2009

A new center dedicated to improving the financial literacy of the American public has been launched by the RAND Corporation, Dartmouth College and the Wharton School of the University of Pennsylvania.

Consumer Use of Banks and Credit Unions: Findings from a Survey for the California and Nevada Credit Union Leagues

Mar 3, 2009

Reports the results of an Internet survey conducted with the American Life Panel to address issues related to consumers' perceptions of credit unions and financial institutions and to help credit unions understand consumer behavior. Consumer selection of financial service providers is based primarily on convenience of branches, convenience of ATMs, and bank fees. Bank users are more focused on convenience; credit union users are more interested in fees.

Center for Financial and Economic Decision Making Studies Human Behavior

Feb 19, 2009

Ongoing research at the Center for Financial and Economic Decision Making (CFED) addresses the process of financial decision making over the life-cycle, in particular assessing how people collect information; how they think about risks, and probabilities; and how well they match their decisions to their preferences and interests.

Le Travail Independant Passe 50 Ans: Le Role De La Richesse Individuelle Et Des Couts De Creation D'entreprise

Dec 31, 2006

Dans une economie avec contraintes de liquidite, les individus ont plus de difficultes a creer leur entreprise faute d'un financement suffisant de la part des banques.

Transitions to Self-Employment at Older Ages: The Role of Wealth, Health, Health Insurance, and Other Factors

Dec 31, 2006

This study uses 5 waves of panel data from the Health and Retirement Study to investigate the determinants of labor force transitions to self-employment at older ages. We estimate a multinomial logit model of transitions from wage and salary employment to self-employment, retirement or not working. Results are compared with those found in previous studies. New findings on the impact of health on transitions to self-employment are highlighted.