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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.
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:van Hooft, E., & Noordzij, G. (2009). The effects of goal orientation on job search and reemployment: A field experiment among unemployed job seekers. Journal of Applied Psychology, 94(6), 1581-1590.
Topic Area: Behavioral Insights
Study Type: Causal Impact Analysis
Outcome Effectiveness:Babcock, L., Congdon, W., Katz, L., & Mullainathan, S. (2012). Notes on behavioral economics and labor market policy. IZA Journal of Labor Policy, 1(1), 1-14.
Topic Area: Behavioral Insights
Study Type: Descriptive Analysis
DellaVigna, S., Lindner, A., Reizer, B., & Schmieder, J. (2014). Reference-dependent job search: Evidence from Hungary. Unpublished working paper.
Topic Area: Behavioral Insights
Study Type: Causal Impact Analysis
Outcome Effectiveness:Spera, S., Buhrfeind, E., & Pennebaker, J. (1994). Expressive writing and coping with job loss. Academy of Management Journal, 37(3), 722-733.
Topic Area: Behavioral Insights
Study Type: Causal Impact Analysis
Outcome Effectiveness: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:- Jones, D., Molitor, D., & Reif, J. (2019). What do workplace wellness programs do? Evidence from the Illinois workplace wellness study. The Quarterly Journal of Economics, 134(4), 1747–1791.
Topic Area: Behavioral Insights
Study Type: Causal Impact Analysis
Outcome Effectiveness: Altmann, S., Falk, A., Jäger, S., & Zimmermann, F. (2015). Learning about job search: A field experiment with job seekers in Germany. Unpublished manuscript.
Topic Area: Behavioral Insights
Study Type: Causal Impact Analysis
Outcome Effectiveness:
