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Financial Literacy and Defined Contribution Pensions

The increasing importance of defined contribution plans, both as employer-provided plans and as mandatory individual accounts, has increased the responsibility placed on workers for making financial decisions. While early on it was assumed that workers would be capable of managing these accounts, studies have documented that many workers make financial mistakes. Financial education has been used as a remedy, but experience has shown that many workers are not interested and others do not follow up on changes they indicate they intend to make. The use of defaults for investments and increased transparency concerning fees are two further developments that have addressed this problem. Now, attention is turning increasingly to financial advice. However, often financial advisers have conflicts of interest that affect the quality and cost of the advice they provide. Some countries are enacting laws that address this issue.