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Key Findings Details

How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
Justine Hastings and Olivia S. Mitchell
WP 2010-233

  • In a nationally representative survey of Chileans in 2009, we find that those with more patience in investing and a greater ability to follow through on plans are much more likely to have higher retirement savings and invest in their health.
  • Those who are more financially literate also tend to have more retirement savings.
  • Those with less financial literacy and less education are more sensitive to how information about investment fee funds is framed.
  • People are more responsive to rewards versus losses when calculating fund fees and selecting plan types.