金融知识、教育和建议在财务和退休计划决策中的作用.pdf

1、The Role of Financial Literacy,Education,and Advice in Financial and Retirement Planning DecisionsPierre-Carl MichaudHEC Montral and NBERLittle need for fin.literacy in a world on auto-pilotFast forward to todayYou are now(mostly)in controlBasic financial knowledge is lacking for manySource:Klapper,

2、Lusardiand Oudheusden(2016)Is thata problem?Likely makes decision-making more difficultLinked(with some attempts at causality)to retirement planningLinked to a number of other less desirable outcomes(higherfees,lower returns,less diversification,higher borrowing costs)The difficulty of the normative

3、 benchmarkDefining poor decisions ishardAlready at financial level,irrespective of preferences,requires huge amounts of data about present and future,lots of uncertaintyWith heterogeneouspreferences,occasions for unambiguous classification of mistakes are rare(mostlybudget constraint arbitrage oppor

4、tunities)Policy ToolboxEDUCATION AND INFORMATIONCHOICEARCHITECTUREADVICEDECISION AIDSWe lack an integrated frameworkfor choosing Whichtoolunderwhichcircumstances?Knowledge gaps Is acquiring knowledge costly?Heterogeneous optimal decisions Can we predict what is optimal for each individual given data

5、?Behavioral biases Even if the individual knows the optimal decision,are there biases thatmay lead to sub-optimal outcomes(present-bias,procrastination)?SomeexamplesfromCanadaCanada:Many claim public pension as early as possible(Age 60)To foster higher annuitization,policymakers in Canada want to pr

6、ovoke more delaysFraction claiming CPP-QPP at age 60Source:Longitudinal Administrative DataBank.Delays Optimal for All?Distribution of Life expectancyat 60Several factors can make claiming at age 60 optimal(from financial perspective)Lower life expectancyTaxesMeans-testing of benefitsNormative bench