Search for Studies
Search for Studies will search all study profiles and synthesis reports. Use Search the Site in the upper right to search for all site content such as the CLEAR review process. View Help using this Search.
Displaying 1 - 10 of 51 results
Synthesis Report: Behavioral Finance Synthesis: Findings
Topic Area: Behavioral Finance: Retirement
Findings:
People have relatively limited knowledge about saving for retirement and can be induced to save more when provided with additional information.
Making retirement more salient, by having people think of themselves in retirement or providing a target retirement date, can increase intentions to save and alter investment choices.
People can become overwhelmed by the number of investment options they face; when this occurs, they tend to use simple rules to make decisions.
Synthesis Report: Behavioral Finance Synthesis: Gaps
Topic Area: Behavioral Finance: Retirement
Findings:
Many studies have demonstrated a relationship between default options and behavior. Taken together, these studies suggest that default options can affect investment behavior.
But no study produces strong causal evidence on the impacts of defaults on its own.
There is little evidence available on how the impacts of behavioral interventions designed to influence retirement savings vary by employee age, gender, income, or race.
There is little evidence available on how the impacts of behavioral interventions designed to influence retirement affect total savings.
- Prawitz, A. D., & Cohart, J. (2014). Workplace financial education facilitates improvement in personal financial behaviors. Journal of Financial Counseling and Planning, 25(1), 5-26.
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-Favorable impactsKnowledge and skills for financial decision making
- Knowledge and skills for money management-Low-Favorable impactsKnowledge and skills for money management
- Blanco, L. R., Duru, O. K., & Mangione, C. M. (2020). A community-based randomized controlled trial of an educational intervention to promote retirement saving among Hispanics. Journal of Family and Economic Issues, 41, 300-315. https://doi.org/10.1007/s10834-019-09657-9
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-Favorable impactsKnowledge and skills for financial decision making
- Knowledge and skills for money management-Low-No impactsKnowledge and skills for money management
Choi, J., Laibson, D., Madrian, B., and Metrick, A. (2004). Saving for retirement on the path of least resistance. Working paper. Cambridge, MA.
Topic Area: Behavioral Finance: Retirement
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Employer benefits receipt-Low-Favorable impactsEmployer benefits receipt
- Silva, A. C., Seitchik, A. E., & Parent, J. D. (2022). Exploring individual and group financial coaching for building financial capability. Journal of Financial Counseling and Planning, 33(2), 255-267. https://doi.org/10.1891/jfcp-2021-0026
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for money management-Low-Favorable impactsKnowledge and skills for money management
Iyengar, S.S., Huberman, G., & Jiang, W. (2003). How much choice is too much? Contributions to 401 (k) retirement plans. Pension Research Council working paper.
Topic Area: Behavioral Finance: Retirement
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Employer benefits receipt-Low-Unfavorable impactsEmployer benefits receipt
- Johnson, C. L., & Schumacher, J. B. (2016). Does webinar-based financial education affect knowledge and behavior? The Journal of Extension, 54(1). https://doi.org/10.34068/joe.54.01.19 [Solid Finances in Montana]
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-No impactsKnowledge and skills for financial decision making
- Knowledge and skills for money management-Low-No impactsKnowledge and skills for money management
- Johnson, C. L., & Schumacher, J. B. (2016). Does webinar-based financial education affect knowledge and behavior? The Journal of Extension, 54(1). https://doi.org/10.34068/joe.54.01.19. [Growing Financial Wellness in South Dakota]
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-No impactsKnowledge and skills for financial decision making
- Knowledge and skills for money management-Low-No impactsKnowledge and skills for money management
McKenzie, C., & Liersch, M. (2011). Misunderstanding savings growth: Implications for retirement savings behavior. Journal of Marketing Research, 68, S1–S13.
Topic Area: Behavioral Finance: Retirement
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Attitudes-Mod/high-Favorable impactsAttitudes