Who Feels the Nudge? Knowledge, Self-Awareness and Retirement Savings Decisions

Abstract

comments. Yao Fu, Ivika Jäger and Zihao Liu provided excellent research assistance. We are especially grateful to Magnus Dahlquist, José Martinez and Paul Söderlind for sharing their data on coordinated trades. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

Financial Literacy in the Age of Green Investment

“…On average, respondents in our study were well calibrated on financial literacy. The patterns we observe in this study closely match those discussed in Anderson and Robinson (2018). Respondents tend to be more certain of their scores in the extreme outcomes (zero or all five), but there is considerable uncertainty in the intermediate score categories, a result that is usually attributed to meta-cognition (see Kruger and Dunning (1999)…”

“…We use a version of the standard financial literacy test developed by Lusardi and Mitchell (2007) adapted to the Swedish retirements savings context by Anderson and Robinson (2018). On average, respondents got 3.12 questions correct, which is in line with many other studies using these survey questions.…”

Know thyself financially: How financial self‐awareness can benefit consumers and financial advisors

“…Our conceptual framework, that we develop in detail next, is provided in Figure 1. Anderson and Robinson (2018) introduced the concept of self-awareness in a personal financial context, defining it as a metacognitive awareness of knowing what one does or does not know. They measured it by respondents' lack of knowledge about whether fees or past returns are more important in a survey of Swedish pension investors.…”

“…The authors found that despite this lack, self-aware consumers stayed with low-cost default funds and accumulate retirement savings more quickly when compared to individuals who mistakenly believed they were financially literate. When compared to Anderson and Robinson (2018), our financial selfawareness measure has to do with actual understanding of one's current situation and is thus a state of "knowing more" instead of "knowing that one does not know. " Cramer, Tuokko, Mateer, and Hultsch (2004) developed a measure for assessing Awareness of Financial Skills which asked about difficulty with performing 34 different tasks, such as counting currency, writing checks, and balancing a check-book.…”

Financial regulation of the long-term economic growth of Russia

“…Следовательно, тот, кто обладает финансовой грамотностью либо понимает, что не обладает ею, были менее склонны реагировать на изменения. Они оставались с низкорисковыми фондами и поэтому накапливали пенсионные сбережения быстрее [30]. Субъекты не просто вкладывают больше средств в активы с низкими рисками, скорее всего, они сокращают свои инвестиции в высокорисковые активы [31].…”