The effects of pension information on individuals' economic outcomes: A survey

This paper provides an overview of a wide array of research investigating the effects of pension information on different individuals’ economic outcomes. While many studies show that information provision increases knowledge, the evidence is mixed regarding its effects on behavior. Nevertheless, we draw some conclusions about the impact of pension information on three major economic outcomes, namely, retirement planning, choices pertaining individuals’ labor supply, and savings decisions. We also highlight that the lack of knowledge prevalently hits the most vulnerable individuals in the society, such as women. As a consequence, not providing sufficient information could contribute to widening the gender gap in pensions

Debt Close to Retirement and its Implications for Retirement Well-being

We analyze debt and debt management of Americans nearing retirement age, to document that older people have numerous financial obligations that can lead to financial distress. Using data from the 2015 National Financial Capability Study and drawing on an extensive literature review, we show that lack of financial literacy, lack of information, and behavioral biases help explain the prevalence of debt later in life. Our evidence indicates that debt at older ages can negatively influence retirement well-being

Debt and Financial Vulnerability on the Verge of Retirement

We analyze older individuals’ debt and financial vulnerability using data from the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS). Specifically, in the HRS we examine three different cohorts (individuals age 56–61) in 1992, 2004, and 2010 to evaluate cross-cohort changes in debt over time. We also use two waves of the NFCS (2012 and 2015) to gain additional insights into debt management and older individuals’ capacity to shield themselves against shocks. We show that recent cohorts have taken on more debt and face more financial insecurity, mostly due to having purchased more expensive homes with smaller down payments

Understanding Debt in the Older Population

Poor financial capability can erode well-being in later life. To explore debt and debt management among older Americans, age 51-61, we designed and analyzed a new module in the 2018 Health and Retirement Study along with information from the 2018 National Financial Capability Study. Even though this group should be at the peak of their retirement saving, it nevertheless carries debt due to student loans and unpaid medical bills; having children also contributes. By contrast, the financially literate have more positive financial perceptions and behaviors. Specifically, being able to answer one additional financial literacy question correctly is associated with a higher probability of reporting an above average credit record and planning for retirement. Higher financial literacy is also linked to being less likely to carry excessive debt, being contacted by debt collectors, and carrying medical debt or student loans, even after accounting for a large range of demographics and other characteristics. Evidently, financial knowledge can help limit debt exposure at older ages

Understanding Debt at Older Ages and Its Implications for Retirement Well-being

We use data from the 2015 National Financial Capability Study to analyze debt close to retirement. We show people carry many types of debt late in their lifetimes, and these types of debt are differently linked to measures of financial distress such as having too much debt or being unable to face a financial shock. Accordingly, it is important to be able to disaggregate debt to investigate reasons why individuals carry debt close to retirement. We show that lack of financial literacy, lack of information, and behavioral biases all help explain the prevalence of debt later in life. Our evidence indicates that debt at older ages can may negatively influence retirement wellbeing

ENAMA “Certification” of the inspection workshop activity: the necessary requirements

In European Directive 128/2009/EC it is stated that “each Member State shall establish certificate systems designed to allow the verification of sprayers inspections”, but no further indications are provided on how to make such certifications. In Italy the ENAMA (National Board for Agricultural Mechanization) working group – established to co-ordinate the sprayers inspection activities at national level – has prepared a specific document containing the guidelines on how to get, on a voluntary basis, an ENAMA certification which attests the conformity of test equipment and of test procedures adopted in the inspection workshops. In this document directions are reported on how to assess the conformity of the inspection workshops to a set of listed requirements, referred either to other ENAMA documents, or to the National Action Plan, or to ISO/IEC 17020.The ENAMA certification of conformity therefore represents an added value for the sprayers inspection and calibrations Workshops as it ensures, through periodical inspections, that workshops apply the correct administrative (e.g. management of data and record of test reports) and technical procedures in their inspection activity and that they use appropriate test equipment and instruments. In this paper the requirements needed to get and to maintain over time the ENAMA certification of conformity are described

A proposal for an EU (SPISE) database of the licensed sprayers inspectors and inspection centres

In order to guarantee at European level the easy identification of sprayers inspected and to allow mutual recognition of inspections as recommended by the European Directive on Sustainable Use of Pesticides (128/2009/EC) it would be necessary to create a SPISE database enabling to collect the list of the technicians authorized to make inspections of sprayers in use and of the licensed inspection centers. This database should be managed at SPISE level and should be linked to the national databases for getting regular updates.Actually in Italy there is a public national online database (www.centriprovairroratrici.unito.it) that was realized by the ENAMA working group. Only the sprayers inspected by the test stations listed in this database are recognized all over the country.This national database contains also the results of all the inspections made in the different Italian Regions and therefore provides a support for monitoring the inspection activity at national level. Independently of the software used at local level for managing data of sprayer inspections, some key information have to be necessarily provided in order to identify the sprayer inspected.They are the coordinates of the test station, the name of the technician who inspected the sprayer, the name of the owner of the sprayer, the data of the machine inspected, the date of the inspection and its response