文章基本信息

标题：Financial Sophistication and Pension Plan Decisions
本地全文：下载
作者：Alistair Byrne ; David Blake ; Graham Mannion 等
期刊名称：Discussion Paper / The Pensions Institute
印刷版ISSN：1367-580X
出版年度：2009
卷号：2009
出版社：Pensions Institute
摘要：In this paper we use a private dataset to examine the contribution and investment decisions made by members of a large UK-based DC pension plan. We find that many employees appear to be relatively financially-sophisticated and follow approaches consistent with economic and financial theory in terms of savings rates and investment strategies. However, there are also many less sophisticated employees who stick with plan default arrangements and/or follow simple rules of thumb in saving and investing. The challenge for corporate sponsors of pension funds is in designing pension plans and communication strategies that reduce the chances of these less sophisticated plan members making mistakes. The results in this paper highlight the areas where mistakes are made and the demographic profile of members most in need of help.
关键词：Pensions; Defined Contribution; Contribution Rates; Investment Choice; Behavioural Biases.