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  1. Do individuals accept fluctuations in pension income?
    Autor*in: Bucher-Koenen, Tabea; Knebel, Caroline; Weber, Martin
    Erschienen: [2023]
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement. We conduct an online experiment among 2,500 individuals representative of the adult German population. First, we investigate the... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 15
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe

     

    How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement. We conduct an online experiment among 2,500 individuals representative of the adult German population. First, we investigate the choice between phased withdrawal plans with varying riskiness resulting in volatile retirement income. We find that 40% of the participants choose some risk and thus, accept fluctuations in retirement income. Second, we analyze the choice between the selected withdrawal plan and a lifelong annuity. Overall 56% of the respondents switch to the annuity. Switching behavior is more prevalent among individuals who chose the risk-free and medium-risk withdrawal plans as compared to the risky plan. Anchoring and fluctuation frames have small and significant effects on plan choice.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/273467
    Auflage/Ausgabe: This draft: March 21, 2023
    Schriftenreihe: Discussion paper / ZEW ; no. 23, 019 (05/2023)
    Schlagworte: Retirement planning; phased withdrawal plans; annuities; framing
    Umfang: 1 Online-Ressource (50 Seiten), Illustrationen
  2. Financial literacy, stock market participation, and financial well-being in Germany
    Autor*in: Bucher-Koenen, Tabea; Janssen, Bennet; Knebel, Caroline; Tzamourani, Panagiota
    Erschienen: [2023]
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    We examine financial literacy in Germany and its relevance for financial well-being. Using data from the Panel on Household Finances collected in 2021, we show that about 62% of German households answer the Big Three financial literacy questions... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 15
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe

     

    We examine financial literacy in Germany and its relevance for financial well-being. Using data from the Panel on Household Finances collected in 2021, we show that about 62% of German households answer the Big Three financial literacy questions correctly. Those with lower education, who are out of the labor force, women, and those living in East Germany have lower levels of financial literacy. Identifying groups with lower financial literacy and developing strategies to reach them and enhance their abilities should therefore be an integral part of the German national financial literacy strategy. Financial literacy is linked to financial well-being: we document that those with higher financial literacy have a higher stock market participation rate and are less likely to report financial difficulties.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/289445
    Schriftenreihe: Discussion paper / ZEW ; no. 23, 071 (12/2023)
    Schlagworte: Financial knowledge; financial well-being; inflation; investment behavior
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen