Factors Influencing the Choice of Pension Distribution at Retirement

Clark, Robert L.; Mitchell, Olivia S.

doi:10.2139/ssrn.4128604

Cited by 1 publication

(1 citation statement)

References 18 publications

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“…Plausibly, the increased accuracy we observe is due to the media coverage associated with the change in legislation, bringing this topic to individuals' attention, likely enhanced by RMDs being briefly suspended during the pandemic. 1 The ongoing pressure on the needs for individuals to plan more carefully for their own retirement, and the complex decisions this involves, may also contribute to greater awareness of the rules (Clark and Mitchell, 2022).…”

Section: The Invalidated Question 8 In Fernandes Et Al (2014)mentioning

confidence: 99%

Revalidating Fernandes et al.’s 2014 financial literacy scale in response to ongoing legislative and behavioral changes

Weiss‐Cohen¹,

Newall²,

Ranyard³

et al. 2023

Preprint

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Measures of financial literacy are widely used in research and underpin a wide range of policy interventions. The authors of “Financial literacy, financial education, and downstream financial behaviors" created a valid and reliable financial literacy questionnaire which has been widely used and frequently cited. However, we find that due to recent changes to legislation, the answer to one of their questions is now incorrect. This undermines the validity of the measure and will lead to incorrect usage if the questionnaire is not revalidated. We recommend that future researchers exclude this question. Item Response Theory analyses across five different datasets covering multiple time points and N=4959 participants were conducted to confirm that the scale remains reliable and measures the same construct without this item. The excluded question is also specific to the US, and its removal increases the international scope of the measure. We discuss the remaining limitations of this questionnaire.

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Section: The Invalidated Question 8 In Fernandes Et Al (2014)mentioning

confidence: 99%