Wharton Pension Research Council Working Papers

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Working Paper

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This chapter examines the impact of participation in financial education seminars on the desired retirement age of individuals and on their expected levels of retirement income. Individuals were found to change their retirement goals after attendance in such a seminar. In addition, participants also reported that they planned to change their retirement saving behavior based on knowledge gained at the seminar. Women were much more likely to alter their retirement goals and saving behavior. Using information on seminars conducted by TIAA-CREF, and survey data on the participants, the authors estimate the determinants of changes in retirement goals and saving behavior.


The published version of this Working Paper may be found in the 2004 publication: Pension Design and Structure: New Lessons from Behavioral Finance.

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©2003 Pension Research Council of the Wharton School of the University of Pennsylvania. All Rights Reserved


The authors acknowledge the cooperation of many consultants in TIAA-CREF Consulting Services who administered the surveys in conjunction with seminars around the country. They also thank Pirie McIndoe, Al Gonzalez, and Brian Usischon, of the TIAA-CREF Raleigh-Durham Office, for their assistance in pre-testing the survey and Robert Romano, of the TIAA-CREF Sales Support, for his efforts in coordinating the integration of the surveys with the financial education seminars. Paul Mulvey played a major role in the design of the survey. Juanita Kreps contributed to the development of the overall project. Mike Sitar provided research assistance. Research support was provided by the TIAA-CREF Institute

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Economics Commons



Date Posted: 04 September 2019