Supporting decision-making in retirement planning: Do diagrams on Pension Benefit Statements help?

McGowan, Féidhlim; Lunn, Pete

doi:10.1017/s1474747219000015

Cited by 3 publications

(2 citation statements)

References 66 publications

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“…Clark et al (2019) found that among workers participating in a retirement plan, individuals who received an informational flyer increased their contributions in the months following the intervention relative to the control group. Lastly, McGowan and Lunn (2020) studied the influence of explanatory diagrams on people's understanding of how pensions work, and they found that although diagrams did not necessarily improve comprehension of pension products, they nonetheless supported decision-making by facilitating causal thinking.…”

Section: Conclusion: Policies and Future Directionsmentioning

confidence: 99%

Gender and Risk-Taking in the Building of U.S. Retirement Wealth

Giannikos,

Korkou

2023

Atl Econ J

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The growing weight being placed on self-directed retirement accounts within the United States retirement income policy framework, and the time inconsistency challenge of individuals, particularly women, tending to under-invest in retirement savings accounts motivated the current work. Using data from the United States Federal Reserve Board’s Survey of Consumer Finances, for a period spanning from 1989 to 2019, 11 cross-sections of data, the paper investigated the role of gender in United States retirement risk-taking investment strategies of single (never married) individuals. The analysis documented increasing trends in the risk-taking of both single women and single men but recorded differences in the risk-taking profiles of the two groups, with single men taking more risk than single women in their retirement wealth building in most cross-sections, with the gender risk-taking gap dropping, nonetheless, algebraically in magnitude from 1989 to 2019.

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Section: Conclusion: Policies and Future Directionsmentioning

confidence: 99%

Gender and Risk-Taking in the Building of U.S. Retirement Wealth

Giannikos,

Korkou

2023

Atl Econ J

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“…Relatedly, several papers have shown that the manner by which information is presented can impact retirement savings behaviors (e.g., Bernatzi and Thaler, 1999;Bateman et al, 2014Bateman et al, , 2015Bateman et al, , 2016aMcGowan and Lunn, 2020), as well as what specific information is included in plan disclosures (e.g., Bateman et al, 2016b). Regarding the presentation of information, McGowan and Lunn (2020) use a controlled experiment and show that presenting information on the link between contribution levels and expected retirement outcomes in diagram form (compared to a table) impacts planned behavior; specifically, people are more likely to give advice to increase retirement contributions after seeing the diagram.…”

Section: Information Presentation and Complexity On Retirement Planning Behaviorsmentioning

confidence: 99%

Less is not more: 401(k) plan information and retirement planning choices

Cardella

Kalenkoski

Parent

2021

Journal of Pension Economics and Finance

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This paper presents the results of a choice experiment that is designed to examine whether changing how plan information is presented affects planned retirement-savings behavior. The main hypothesis is that providing plan information in a more concise format with helpful recommendations, rather than providing lengthy and detailed information, will alter retirement-planning choices. The specific choices examined include: whether to enroll, how much to contribute, and how to structure (broadly) the asset allocation. The choice experiment is conducted on three different samples: (i) a Qualtrics panel of new employees, (ii) a Qualtrics panel of job seekers, and (iii) a sample of business-school students. Our results suggest that, controlling for demographic and other factors, our main hypothesis was not supported by the data in any of the samples. Thus, the data cast some doubt on the notion that simplifying and condensing the retirement-plan information presented to employees will result in vastly different retirement-planning choices.

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The Effects of Pension Communication on Knowledge, Attitudes, and Behaviour: An Integrative Review of Evidence and Directions for Future Research

Haupt

2023

Population Ageing

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Structural changes in multi-pillar systems require greater individual responsibility for retirement saving. Therefore, in recent years, the need for multi-pillar pension information systems has been increasingly discussed in many countries. These discussions have either culminated in the introduction of various digital pension overviews or a planned rollout in the next few years. We provide an integrative review of existing international research on the use of pension communication and its effects on the knowledge, attitudes and behaviour of individuals. Small positive changes have been found in terms of knowledge, attitudes, and retirement planning behaviour because of the information provided. The paper concludes with a discussion of emerging issues, new research directions, and practical implications of pension communication in ageing societies.

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Supporting decision-making in retirement planning: Do diagrams on Pension Benefit Statements help?

Cited by 3 publications

References 66 publications

Gender and Risk-Taking in the Building of U.S. Retirement Wealth

Gender and Risk-Taking in the Building of U.S. Retirement Wealth

Less is not more: 401(k) plan information and retirement planning choices

The Effects of Pension Communication on Knowledge, Attitudes, and Behaviour: An Integrative Review of Evidence and Directions for Future Research

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