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Synthesis Report: Behavioral Finance Synthesis: Findings
Topic Area: Behavioral Finance: RetirementFindings:
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.
Saez, E. (2009). Details matter: The impact of presentation and information on the take-up of financial incentives for retirement saving. American Economic Journal: Economic Policy, 1(1), 204-228.
Topic Area: Behavioral Finance: Retirement, Behavioral Insights
Study Type: Causal Impact Analysis