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Occupational Learning, Financial Knowledge, and the Accumulation of Retirement Wealth

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Listed:
  • Brooke Helppie

    (University of Michigan)

  • Kandice A. Kapinos

    (University of Michigan)

  • Robert J. Willis

    (University of Michigan)

Abstract

This study explores the relationship between general human capital investment, financial knowledge, occupational spillovers, and the accumulation of wealth in a primarily descriptive manner. Drawing upon human capital theory and following previous related work by Delavande, Rohwedder and Willis (2008), we hypothesized that individuals with daily exposure to financial knowledge through their occupation would benefit by having greater financial knowledge that would translate into greater wealth accumulation than individuals who do not enjoy such spillovers from their occupation. Using data from the Cognitive Economics Study and the Health and Retirement Study, we find strong evidence that individuals in financial occupations tend to have greater financial knowledge and moderate evidence that they also have greater wealth accumulation.

Suggested Citation

  • Brooke Helppie & Kandice A. Kapinos & Robert J. Willis, 2010. "Occupational Learning, Financial Knowledge, and the Accumulation of Retirement Wealth," Working Papers wp237, University of Michigan, Michigan Retirement Research Center.
    • Handle: RePEc:mrr:papers:wp237
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    References listed on IDEAS

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    1. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 42(1), pages 35-44, January.
    2. Annamaria Lusardi & Olivia Mitchell, 2006. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs," Working Papers wp144, University of Michigan, Michigan Retirement Research Center.
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