Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth

• 成果类型: Article; Proceedings Paper
• 署名作者: Lusardi, Annamaria; Mitchell, Olivia S.
• 署名单位: Dartmouth College; University of Pennsylvania; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2006.12.001
• 发表日期: 2007
• 页码: 205-224
• 关键词: wealth holdings; housing wealth; lack of planning; literacy; cohorts

摘要

We compare wealth holdings across two cohorts of the Health and Retirement Study: the early Baby Boomers in 2004, and individuals in the same age group in 1992. Levels and patterns of total net worth have changed relatively little over time, though Boomers rely more on housing equity than their predecessors. Most important, planners in both cohorts arrive close to retirement with much higher wealth levels and display higher financial literacy than non-planners. Instrumental variables estimates show that planning behavior can explain the differences in savings and why some people arrive close to retirement with very little or no wealth. (C) 2007 Elsevier B.V. All rights reserved.