nep-fle New Economics Papers
on Financial Literacy and Education
Issue of 2018‒07‒30
two papers chosen by

  1. Does The Financial Situation affect Cheating Behavior? An Investigation through Financial Literacy By Martina Manfre'; Viola Angelini
  2. Why choosing dominated personal pension plans: sales force and financial literacy effects By Giuseppe Marotta

  1. By: Martina Manfre' (Department of Economics (University of Verona)); Viola Angelini (University of Groningen)
    Keywords: Cheating behavior, Financial situation, Financial literacy
    JEL: A13 C26 D91 H26
    Date: 2018–07
  2. By: Giuseppe Marotta
    Abstract: We investigate the puzzle of choices of dominated personal pension instruments in Italy, with insurers’ products (PIPs) much more subscribed than shares of open pension funds offered by banks (FPAs). We find evidence, using the three waves of Bank of Italy’s Survey of Household Income and Wealth (SHIW) between 2010 and 2014, of a sales force effect deriving from a network of post offices and independent financial advisors associated with insurance companies much more widespread than bank branches. We document that financial literacy has a significant dampening effect on the supply push factor only for PIPs, and especially for the subset with voluntary matching employers’ contributions. The effect is detected mostly in the 2014 SHIW wave, the one fully affected by the implementation of the pension system reform legislated in December 2011.
    Keywords: ension system reform, Financial literacy, Retail financial products distribution, Italy
    JEL: D91 E21 G11 H55
    Date: 2018–07

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