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Financial Education and Annuities

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  • Jeffrey R. Brown

Abstract

Life annuities – financial products that help individuals convert a lump-sum of wealth into a guaranteed life-long income stream – have an important role to play in providing a secure source of retirement income. Because annuities provide valuable insurance against longevity risk, much of the theoretical work in economics suggests that life annuities ought to comprise a large share of the retirement portfolios of most households. Yet around the world, voluntary annuity markets remain small.

Suggested Citation

  • Jeffrey R. Brown, 2009. "Financial Education and Annuities," OECD Journal: General Papers, OECD Publishing, vol. 2008(3), pages 173-215.
    • Handle: RePEc:oec:packab:5ksnmd7l7s6k
    DOI: 10.1787/gen_papers-v2008-art20-en
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    Citations

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    Cited by:

    1. Giuseppe Cappelletti & Giovanni Guazzarotti & Pietro Tommasino, 2011. "What determines annuity demand at retirement?," Temi di discussione (Economic working papers) 805, Bank of Italy, Economic Research and International Relations Area.
    2. Danny Yagan, 2014. "Riding the Bubble? Chasing Returns into Illiquid Assets," NBER Working Papers 20360, National Bureau of Economic Research, Inc.
    3. Donnelly, Catherine & Guillén, Montserrat & Nielsen, Jens Perch, 2014. "Bringing cost transparency to the life annuity market," Insurance: Mathematics and Economics, Elsevier, vol. 56(C), pages 14-27.
    4. MacDonald, Bonnie-Jeanne & Cairns, Andrew J.G., 2011. "Three retirement decision models for defined contribution pension plan members: A simulation study," Insurance: Mathematics and Economics, Elsevier, vol. 48(1), pages 1-18, January.
    5. Amitabh Chandra & Courtney Coile & Corina Mommaerts, 2023. "What Can Economics Say about Alzheimer's Disease?," Journal of Economic Literature, American Economic Association, vol. 61(2), pages 428-470, June.
    6. Alexis Direr & Rim Ennajar-Sayadi, 2019. "How price-elastic is the demand for retirement saving?," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(1), pages 102-122, January.
    7. Andreas Richter & Jörg Schiller & Harris Schlesinger, 2014. "Behavioral insurance: Theory and experiments," Journal of Risk and Uncertainty, Springer, vol. 48(2), pages 85-96, April.
    8. Jeffrey R. Brown & Arie Kapteyn & Erzo F. P. Luttmer & Olivia S. Mitchell & Anya Samek, 2021. "Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing," The Review of Economics and Statistics, MIT Press, vol. 103(3), pages 533-546, July.
    9. repec:cup:judgdm:v:13:y:2018:i:6:p:501-508 is not listed on IDEAS
    10. Alexis DIRER & Rim ENNAJAR-SAYADI, 2016. "How Pride Elastic is the Demand For Retirement Saving," LEO Working Papers / DR LEO 2436, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    11. repec:oup:qjecon:v:128:y:2012:i:1:p:53-104 is not listed on IDEAS
    12. Elsa Fornero & Annamaria Lusardi & Chiara Monticone, 2009. "Adequacy of Saving for Old Age in Europe," CeRP Working Papers 87, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    13. Shane Frederick & Amanda Levis & Steven Malliaris & Andrew Meyer, 2018. "Valuing bets and hedges: Implications for the construct of risk preference," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 13(6), pages 501-508, November.
    14. Wei-Ting Pan, 2016. "The Impact of Mandatory Savings on Life Cycle Consumption and Portfolio Choice," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 32, July-Dece.
    15. Sutcliffe, Charles, 2015. "Trading death: The implications of annuity replication for the annuity puzzle, arbitrage, speculation and portfolios," International Review of Financial Analysis, Elsevier, vol. 38(C), pages 163-174.
    16. Jeffrey R. Brown & Arie Kapteyn & Erzo F.P. Luttmer & Olivia S. Mitchell & Anya Samek, 2017. "Behavioral Impediments to Valuing Annuities: Evidence on the Effects of Complexity and Choice Bracketing," NBER Working Papers 24101, National Bureau of Economic Research, Inc.
    17. Alexis DIRER & Rim ENNAJAR-SAYADI, 2016. "How Price Elastic is the Demand For Retirement Saving?," LEO Working Papers / DR LEO 2437, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    18. Hazel Bateman & Ralph Stevens & Jennifer Alonso Garcia & Eduard Ponds, 2018. "Learning to Value Annuities: The Role of Information and Engagement," ULB Institutional Repository 2013/300030, ULB -- Universite Libre de Bruxelles.
    19. Bucher-Koenen, Tabea & Knebel, Caroline & Weber, Martin, 2023. "Do individuals accept fluctuations in pension income?," ZEW Discussion Papers 23-019, ZEW - Leibniz Centre for European Economic Research.
    20. Wei-Ting Pan, 2016. "The Impact of Mandatory Savings on Life Cycle Consumption and Portfolio Choice," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2016, January-A.
    21. Monika Riedel & Helmut Hofer & Birgit Wögerbauer, 2015. "Determinants for the transition from work into retirement in Europe," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 4(1), pages 1-19, December.

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