Pierre-Carl Michaud, HEC

Tax-Sheltered Retirement Accounts: Can Financial Education Improve Decisions?
vendredi 5 avril 2019 à 14 h 30 16 h 00
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Personne-ressource: 
Myra Yazbeck
Courriel: 
myazbeck@uOttawa.ca
Téléphone: 
613-562-5800
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1156
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We conduct a stated-choice experiment in which we analyze the ability of respondents to make choices between front and back-loaded tax-sheltered savings accounts in a well-specified environment. We embed a randomized financial education intervention within this experiment to assess whether respondents make better choices when provided with information. We then find that, relative to a control group, our financial education treatments improve general understanding of the tax implications of tax-deferred and post-tax saving accounts and increase the quality of choices made. We find substantial welfare gains from this intervention.