GE Freezes Pensions for 20K Workers In Bid To Trim Debt Pile

GE plans to freeze defined benefit accruals of 20K workers and offer lump sum buyouts to 100K former employees, seeking to cut debt. This aligns GE with most larger US companies today as defined benefit pension plans grow rare, says Wharton’s Olivia S. Mitchell here.     Image courtesy ofRead More

Wharton’s Prof. Olivia S. Mitchell Among Recipients of $2 Million ICMM Grant

The Institute of Consumer Money Management recently announced a $2 million grant for studying the financial health of low and moderate income Americans near or in retirement. Prof. Mitchell, Dr. Robert Clark of North Carolina State University, and Dr. Annamaria Lusardi of George Washington University will be working together onRead More

The Long and the Short of It: Financial Fragility in America

While Americans’ long-term financial security is essential, a target deserving of equal – if not more – attention has been overlooked, namely short-term financial security. A large number of U.S. households are financially fragile today, and their well-being as well as that of the entire economy rests on households’ capacity to deal with shocks.Read More

Building A Better Retirement Nest Egg: Lessons From A Middle School Science Experiment

This spring, my son was given the popular “egg drop” science assignment. Several weeks before it was due, he discussed elaborate ideas and hoped that his egg would remain intact for extra credit. Yet, at the same time, the deadline was enough in the distant future that he felt no urgency to begin testing his ideas.Read More

Financially Frail Boomer Women

Baby Boomer women – now in their 50’s and 60’s – are doing worse financially than older women in the 1990s. My new research with Professor Annamaria Lusardi explains why, using national representative survey data from the Health and Retirement Study and the National Financial Capability Study. We track changes in older women’s work plans and debt burdens, along with the links to financial literacy and debt stressors.Read More