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Employee saving and investment decisions in defined contribution pension plans : survey evidence from the UK

Byrne, A. (2007) Employee saving and investment decisions in defined contribution pension plans : survey evidence from the UK. Financial Services Review, 16 (1). pp. 19-40. ISSN 1057-0810

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Abstract

This paper uses data from a survey of the members of a UK defined contribution pension plan to explore the attitudes and knowledge of employees faced with pension saving and investment decisions. The results are consistent with behavioural economics in that many employees show limited interest in their pension arrangements. Not all members have received advice about their pension, but those who have are more likely to have calculated their savings needs, to have higher levels of investment knowledge, and to actively review their investments than those who have not. The members' investment preferences appear broadly consistent with traditional finance theory, although the popularity of property may reflect familiarity bias.

Item type: Article
ID code: 8167
Keywords: pensions, defined contribution, behavioural economics, survey data, employee saving , investment decisions , defined contribution pension , Accounting
Subjects: Social Sciences > Commerce > Accounting
Department: Strathclyde Business School > Accounting and Finance
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Depositing user: Strathprints Administrator
Date Deposited: 06 Aug 2009 16:41
Last modified: 16 Jul 2013 22:04
URI: http://strathprints.strath.ac.uk/id/eprint/8167

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