Financial illiteracy and pension contributions: A field experiment on compound interest in China
I conduct a field experiment to study the relationship between peoples’ misunderstanding of compound interest and their pension contributions in rural China. I find that explaining the concept of compound interest to subjects increased pension contributions by roughly 40%. The treatment effect is la...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2020
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| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/6516 https://ink.library.smu.edu.sg/context/lkcsb_research/article/7515/viewcontent/financial_illiteracy.pdf |
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| Institution: | Singapore Management University |
| Language: | English |