Justine Hastings|Olivia S. Mitchell|Eric Chyn
Fees, Framing, and Financial Literacy in the Choice of Pension Manager
National Bureau of Economic Research|John Brown University|National Bureau of Economic Research|University of Pennsylvania|University of Virginia
growing literature shows consumers make mistakes variety different settings pertinent financial decisionmaking using data randomized experiment chile show different ways presenting pension management fees shape consumer choices responses pension fee information varies level financial literacy results indicate choosing pension funds lower levels education income financial literacy rely employers friends coworkers fundamentals also find individuals responsive information framing interpreting relative benefits different investment choices