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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.
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.
- Gustman, A. L., Steinmeier, T. L., & Tabatabai, N. (2019). The Affordable Care Act as retiree health insurance: Implications for retirement and Social Security claiming. Journal of Pension Economics and Finance, 18(3), 415-449.
Study Type: Causal Impact Analysis
What will my account really be worth? An experiment on exponential growth bias and retirement saving
Goda, G.S., Manchester, C.F., & Sojourner, A. (2012). What will my account really be worth? An experiment on exponential growth bias and retirement saving. National Bureau of Economic Research working paper 17927. Cambridge, MA: NBER.
Topic Area: Behavioral Finance: Retirement
Study Type: Causal Impact Analysis
Outcome Effectiveness: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:Hershfield, H., Goldstein, D., Sharpe, W., Fox, J., Yeykelis, L., Carstensen, L., & Bailenson, J. (2011). Increasing saving behavior through age-progressed renderings of the future self. Journal of Marketing Research, 48(SPL), S23–S37.
Topic Area: Behavioral Finance: Retirement
Study Type: Causal Impact Analysis
Outcome Effectiveness:Burman, L., Coe, N., Dworsky, N., & Gale, W. (2008). Effects of public policies on the disposition of pre-retirement lump-sum distributions: Rational and behavioral influences. CentER Discussion Paper Series No. 2008-94.
Topic Area: Behavioral Finance: Retirement
Study Type: Causal Impact Analysis
Outcome Effectiveness:Benartzi, S., Peleg, E., & Thaler, R. (2007). Choice architecture and retirement savings plans. Los Angeles, Ca. SSRN working paper.
Topic Area: Behavioral Finance: Retirement
Study Type: Causal Impact Analysis
Outcome Effectiveness:Brown, J. R., Kapteyn, A., & Mitchell, O. S. (2016). Framing and claiming: How information-framing affects expected social security claiming behavior. Journal of Risk and Insurance, 83(1), 139-162.
Topic Area: Behavioral Finance: Retirement, Behavioral Insights
Study Type: Causal Impact Analysis
Outcome Effectiveness: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:
