Fewer than dos % from terminating players with a good fund paid back of part of the a fantastic fund then defaulted into others

18 Based on participant zipcodes, data off IXI Firm are used to impute low-old-age domestic financial wealth and family money (get a hold of having information about household earnings and you can investable possessions data). Lowest wide range house was in fact categorized once the that have holdings less than $25,000; high-money property, a lot more than $100,100. Low-earnings domiciles got money less than $thirty five,000; high-earnings domiciles, a lot more than $87,five-hundred.

19 Because of study maximum, we really do not to see participants’ education membership; Utkus and you may More youthful (2011) and you will Li and you can Smith (2010) find that high educated individuals are less likely to want to just take bundle funds. […]