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Finance and Economics Discussion Series
The Finance and Economics Discussion Series logo links to FEDS home page Workers' Knowledge of their Pension Coverage: A Reevaluation
Martha Starr-McCluer and Annika Sunden

Abstract: Because employer-provided pensions represent an important source of income during retirement, accurate information on pension coverage would seem to be crucial for making sound decisions on retirement timing, saving, and portfolio allocation. However, previous research suggests that workers' knowledge of their pension provisions is often incomplete or incorrect. This paper reexamines workers' knowledge of their pension coverage, using matched employer-employee data from the Federal Reserve Board's Survey of Consumer Finances. We find that, while most workers in our sample accurately reported the general features of their pension coverage, their knowledge of the detailed features was often fairly limited.

Keywords: Pensions, saving, household behavior

Full paper (44 KB PDF) | Full paper (109 KB Postscript)

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Last update: March 2, 1999