Effectiveness of Employer-Provided Financial Information: Hiring to Retiring
Robert L. Clark, Melinda Sandler Morrill, Steven G. Allen
American Economic Review · 2012 · Volume 102 · Issue 3
Abstract
Workers plan and save for retirement throughout their careers. Individuals must navigate complex financial instruments and understand public and employer-provided retirement plan characteristics. Beginning when a worker is first hired, most employers provide the option to contribute to retirement saving plans. As workers near retirement, they face many choices that have considerable consequences for their retirement income security. At these two important periods, employers can provide timely information assisting workers in making choices that optimize lifetime wellbeing. Our research, conducted in cooperation with several large employers, illustrates the importance of employer-provided education in increasing worker understanding of several retirement-related issues.
Keywords
Personal Finance, Intertemporal Consumer Choice, Life Cycle Models and Saving, Retirement, Retirement Policies, Wage Level and Structure, Wage Differentials
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