The Alignment of Household Preferences and Financial Decisions Leading up to Retirement

Leandro Carvalho, Arna Olafsson and Dan Silverman
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Leandro Carvalho: University of Southern California
Arna Olafsson: Copenhagen Business School
Dan Silverman: Arizona State University

Working Papers from University of Michigan, Michigan Retirement Research Center

Abstract: We report on research that links survey and administrative data to investigate how within-couple differences in preferences and financial decision-making abilities affect household finances. We study whether within-household differences in preferences or financial decision-making abilities influence household choices and, thus, retirement readiness. Initial results indicate that, while individual variation in saving and portfolio preferences and decision-making ability is significantly related to individual variation in financial outcomes, there is only modest evidence that within-household variation in these measures is associated with between-household differences in expenditure, liquidity, and outcomes.

Pages: 21 pages
Date: 2022-10
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