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Pension reform, financial literacy and public information: a case study of the United Kingdom

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  • Whitehouse, Edward

Abstract

Consumers in most countries are generally not well informed about pensions. Both general facts about the structure of the pension system and specific data on their own pension entitlements are lacking. Many people, as a result, might have unrealistic expectations of their retirement incomes. But apathy and indifference to pension planning (and personal finances in general) form a large barrier to improving people’s knowledge of the pension system and how it affects them. This paper looks at the experience of the United Kingdom. A number of interesting initiatives to improve general and individual pension information are described and assessed.

Suggested Citation

  • Whitehouse, Edward, 2000. "Pension reform, financial literacy and public information: a case study of the United Kingdom," MPRA Paper 10323, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:10323
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    References listed on IDEAS

    as
    1. Whitehouse, Edward, 1998. "Pension reform in Britain," Social Protection Discussion Papers and Notes 20053, The World Bank.
    2. Gavin Brown & Paul Draper & Eddie McKenzie, 1997. "Consistency of UK Pension Fund Investment Performance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(2), pages 155-178.
    3. Richard Disney & Robert Palacios & Edward Whitehouse, 1999. "Individual choice of pension arrangement as a pension reform strategy," IFS Working Papers W99/18, Institute for Fiscal Studies.
    4. Brown, Stephen J & Goetzmann, William N, 1995. "Performance Persistence," Journal of Finance, American Finance Association, vol. 50(2), pages 679-698, June.
    5. Blake, David & Lehmann, Bruce N & Timmermann, Allan G, 1997. "Performance Measurement using Multiple Asset Class Portfolio Data," CEPR Discussion Papers 1618, C.E.P.R. Discussion Papers.
    6. Armando Barrientos, 1998. "Supplementary pension coverage in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 429-446, November.
    7. Palacios, Robert & Whitehouse, Edward, 1998. "The role of choice in the transition to a funded pension system," Social Protection Discussion Papers and Notes 20109, The World Bank.
    8. Meghir, Costas & Whitehouse, Edward, 1997. "Labour market transitions and retirement of men in the UK," Journal of Econometrics, Elsevier, vol. 79(2), pages 327-354, August.
    9. Richard Disney & Tanner, Tanner, 1999. "What can we learn from retirement expectations data?," IFS Working Papers W99/17, Institute for Fiscal Studies.
    10. Ronald Lee & Jonathan Skinner, 1999. "Will Aging Baby Boomers Bust the Federal Budget?," Journal of Economic Perspectives, American Economic Association, vol. 13(1), pages 117-140, Winter.
    11. Alan L. Gustman & Thomas L. Steinmeier, 1989. "The Stampede Toward Defined Contribution Pension Plans: Fact or Fiction?," NBER Working Papers 3086, National Bureau of Economic Research, Inc.
    12. Martha Starr-McCluer & Annika E. Sunden, 1999. "Workers' knowledge of their pension coverage: a reevaluation," Finance and Economics Discussion Series 1999-05, Board of Governors of the Federal Reserve System (U.S.).
    13. Teresa Ghilarducci, 1992. "Labor's Capital: The Economics and Politics of Private Pensions," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262071398, April.
    14. Demarco, Gustavo & Rofman, Rafael & Whitehouse, Edward, 1998. "Supervising mandatory funded pension systems: issues and challenges," MPRA Paper 16348, University Library of Munich, Germany.
    15. Dilnot, Andrew & Disney, Richard & Johnson, Paul & Whitehouse, Edward, 1994. "Pensions policy in the UK: An economic analysis," MPRA Paper 10478, University Library of Munich, Germany.
    16. Richard Disney & Costas Meghir & Edward Whitehouse, 1994. "Retirement behaviour in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 15(1), pages 24-43, February.
    17. Richard Disney, 1995. "Occupational pension schemes: prospects and reforms in the UK," Fiscal Studies, Institute for Fiscal Studies, vol. 16(3), pages 19-39, September.
    18. Sarah Tanner, 1998. "The dynamics of male retirement behaviour," Fiscal Studies, Institute for Fiscal Studies, vol. 19(2), pages 175-196, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    pension; retirement; financial literacy;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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