Using vignettes to improve understanding of Social Security and annuities
نویسندگان
چکیده
Abstract Evidence shows that people have difficulty understanding complex aspects of retirement planning, which leads them to under-utilize annuities and claim Social Security benefits earlier than is optimal. To target this problem, we developed vignettes about the consequences different annuitization claiming decisions. We evaluated our using an experiment with a representative online panel nearly 2,000 Americans. In experiment, respondents were either assigned control group no vignette, written or video vignette. They then asked give advice hypothetical persons on claiming, factual questions these concepts. found evidence being exposed led better advice. For example, gap between advised age for relatively healthy person versus sick was larger by year in vignette treatments group. Furthermore, increased financial literacy related concepts 10–15 percentage points. Interestingly, mode communication did not significant impact – equally effective.
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15 صفحه اولComments on: ‘‘Hong and Rı́os-Rull’s ‘Social security, life insurance and annuities for families’’’
When formulating life-cycle models in economics, the economic profession has focused on restrictions on theory from empirical data on consumption, wealth, and leisure. This has yielded substantial progress. However, central aspects of these models must still be regarded as controversial. Two such open questions are how to model families and how to model and measure within-family altruism. The b...
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ژورنال
عنوان ژورنال: Journal of Pension Economics & Finance
سال: 2021
ISSN: ['1475-3022', '1474-7472']
DOI: https://doi.org/10.1017/s1474747221000111