Retirement income

Current and Completed Projects:

The role of financial literacy on financial decisions and retirement preparedness among seniors and older adults

Recent evidence suggests that many seniors and older adults may struggle to manage their finances. On assessments of financial capability, Canadian seniors and older adults fared poorly on objective measures of financial knowledge including those with high self-rated skills. These gaps may have serious consequences for financial decision-making, particularly among those heading into retirement. This project analyzes the 2014 Canadian Financial Capability Survey (CFCS) to understand the challenges that Canadian seniors and older adults face with financial literacy, how these relate to financial outcomes, and retirement preparedness.

Start-end date: September 2015 - March 2016
Sponsor: Financial Consumer Agency of Canada

The role of subjective attitudes and beliefs in financial decision-making of Canadians

While many Canadians lack basic financial literacy, mounting evidence from behavioural economics suggests that financial decisions are also frequently undermined by psychological factors. Even with the requisite financial knowledge and literacy skills, people are prone to various kinds of cognitive biases when making financial decisions such as those related to evaluating risk and uncertainty or the time value of money. This project undertakes an analysis of the 2014 Canadian Financial Capability Survey (CFCS) with the aim of understanding the role of cognitive biases in the financial decision-making of Canadians, with a particular focus on youth, aboriginals, and those with low incomes.

Start-end date: September 2015 - March 2016
Sponsor: Financial Consumer Agency of Canada

Challenges for Canada’s Retirement Income System

The design and implementation of a multi-disciplinary research program to further our understanding of how retirement saving decisions are made by Canadian men and women and identify ways to improve retirement planning.

Start-end date: April 2010 - June 2011
Sponsor: Human Resources and Skills Development Canada
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