Learning by doing: Active employer sponsored retirement savings plan participation and household wealth accumulation

Jason Seligman and Rana Bose

The Quarterly Review of Economics and Finance, 2012, vol. 52, issue 2, 162-172

Abstract: This paper investigates the impact of household exposure to employer pension plan features using the Health and Retirement Survey. We investigate whether exposure to active management (choice) or participation in plan-sponsored financial education seminars impacts household portfolio allocations and wealth. We consider interactions between pension design and investment patterns outside of workers’ pension plans, utilizing two parametric estimators: the random effects probit and the multivariate probit. We extend our results non-parametrically via propensity score matching. We find repeated evidence that both of the plan features improve asset allocations and financial outcomes for recent retirees, especially when used together.

Keywords: Financial education; Employer-based financial services; Household savings (search for similar items in EconPapers)
JEL-codes: D1 G2 I2 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:quaeco:v:52:y:2012:i:2:p:162-172

DOI: 10.1016/j.qref.2012.02.002

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