Limited understanding of individual retirement accounts among chileans

Claudia Martínez A. and Claudia Sahm

Working Papers from University of Chile, Department of Economics

Abstract: Chileans with more knowledge about the pension system more actively contribute toand manage their individual retirement accounts. This positive association betweensystem knowledge and retirement saving remains even after controlling for di¤er-ences in other relevant attributes, such as ?nancial planning horizon, retirementplan, and risk preference. Furthermore, the members who have the most discretionwith their accounts, such as the self-employed, are often the least knowledgeableabout the pension system. In general, Chileans report a limited understanding oftheir retirement account system, and this lack of knowledge appears to impede activedecision-making in the system.

JEL-codes: D14 G23 H55 (search for similar items in EconPapers)
Date: 2009-06
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Citations: View citations in EconPapers (2)

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