Abstract
We investigate the role of financial education in the management of Defined Contribution retirement savings plans. We survey Finance and English professors from universities across the United States and compare the management of their savings in the TIAA-CREF® plans. We find that compared with English professors, Finance professors allocate a larger share of their retirement savings to equities, they manage their retirement portfolios more actively, and they are less likely to practice naïve diversification strategies.
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