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Cited by 345Financial Literacy, Pension, Retirement AnalysisDecision-Making and Behavioral EconomicsRetirement, Disability, and Employment

The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.

Understanding Pensions: Cognitive Function, Numerical Ability and Retirement Saving*

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Banks, James, Oldfield, Zoë·2007·Fiscal Studies
DOI 10.1111/j.1475-5890.2007.00052.x
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Abstract

In a world of declining state pension provision, it is becoming increasingly important that individuals are able to understand the financial choices they face and can choose savings products, portfolios and contribution rates accordingly. In this paper, we look at numerical ability and other dimensions of cognitive function in a sample of older adults in England and examine the extent to which these abilities are correlated with various measures of wealth and retirement saving outcomes. As well as finding that relatively large fractions of the older population can be seen to have low levels of numeracy, we show that numeracy levels are strongly correlated with measures of retirement saving and investment portfolios, even when controlling for other dimensions of cognitive ability as well as educational attainment. Numeracy is also related to knowledge and understanding of pension arrangements, and with perceived financial security. In the short run, there may be a role for targeting simple retirement planning information at low‐numeracy, low‐education groups; a longer‐run goal for retirement saving policy might be to improve numeracy levels more generally.

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Citations

Cites

Research works printed but not linked: 21

  1. 10.1111/j.1475-5890.2005.00003.x · DOI · Paper page
  2. Banks J., 2005, The Adequacy and Distribution of Retirement Resources in England, 10.1920/re.ifs.2005.0067 · DOI
  3. Benjamin D. J. Brown S. A.andShapiro J. M.(2006) ‘Who is “behavioural”Cognitive ability and anomalous preferences’ http://ssrn.com/abstract=675264. · DOI
  4. 10.1016/j.jpubeco.2006.05.010 · DOI
  5. Department for Work and Pensions, 2003, Action on Occupational Pensions
  6. Department for Work and Pensions, 2004, Simplicity, Security and Choice: Informed Choices for Working and Saving
  7. 10.1111/j.1475-5890.2005.00004.x · DOI
  8. 10.1257/089533005775196732 · DOI · Paper page
  9. 10.1016/j.lindif.2005.01.003 · DOI
  10. Lusardi A., 2005, Financial literacy and planning: implications for retirement wellbeing
  11. 10.1111/j.1468-0262.2004.00537.x · DOI
  12. Marmot M., 2003, Health, Wealth and Lifestyles of the Older Population in England: The 2002 English Longitudinal Study of Ageing
  13. 10.1093/ageing/afi188 · DOI
  14. 10.1136/bmj.331.7529.1382 · DOI
  15. Office for National Statistics, 1997, Adult Literacy in Britain
  16. 10.1002/bdm.481 · DOI
  17. 10.1111/j.1467-9280.2006.01720.x · DOI · Paper page
  18. Pickering A., 2002, A Simpler Way to Better Pensions
  19. 10.1136/bmj.322.7280.199 · DOI
  20. Sandler R., 2002, Medium and Long Term Retail Savings in the UK
  21. Steel N., 2003, The 2002 English Longitudinal Study of Ageing

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Metadata

Authors
Banks, J., & Oldfield, Z.
Affiliations
Institute for Fiscal Studies (GB)
ORCID
Banks, James
Venue
Fiscal Studies
Publisher
Wiley
Published
2007-06
Volume
28
Issue
2
Pages
143-170
ISSN
  • 0143-5671 (ISSN-L)
  • 1475-5890
DOI
10.1111/j.1475-5890.2007.00052.x
OpenAlex
W2115675543
Cited by
345
References
0
Citations by year
2026: 3 · 2025: 14 · 2024: 19 · 2023: 13 · 2022: 17 · 2021: 18 · 2020: 20 · 2019: 20 · 2018: 19 · 2017: 23 · 2016: 13 · 2015: 27 · 2014: 19 · 2013: 30 · 2012: 21
FWCI
41.43
Type
journal article
Language
en
Open access
Licence
onlinelibrary.wiley.com/termsAndConditions#vor (vor)
Locations
  • Fiscal Studies (publishedVersion)
  • Research Explorer (The University of Manchester) (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Funders
  • Government of the United Kingdom
  • University College London
  • Economic and Social Research Council
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Social Sciences › Demography › Retirement, Disability, and Employment
Keywords
retirement savings, numeracy, cognitive function, older adults, pension knowledge, financial security, investment portfolio, educational attainment, retirement planning, pension policy, financial literacy

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