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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 impacts
Knowledge and skills for financial decision making - Knowledge and skills for money management-Low-Favorable impacts
Knowledge and skills for money management
- Bell, C., Gorin, D., & Hogarth, J.M. (2009). Does financial education affect soldiers' financial behavior? (Working Paper No. 2009-WP-08). Terre Haute, IN: Indiana State University, Networks Financial Institute.
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-Favorable impacts
Knowledge and skills for financial decision making
- Knowledge and skills for money management-Low-Mixed impacts
Knowledge 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:- Bhargava, S., & Conell-Price, L. (2022). Serenity now, save later? Evidence on retirement savings puzzles from a 401(K) field experiment. [Low Saving Sample]
Topic Area: Behavioral Finance: Retirement, Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Mod/High-Favorable impacts
Knowledge and skills for financial decision making
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:- Bhargava, S., & Conell-Price, L. (2022). SSerenity now, save later? Evidence on retirement savings puzzles from a 401(K) field experiment. [Moderate Saving Sample]
Topic Area: Behavioral Finance: Retirement, Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Mod/High-Favorable impacts
Knowledge and skills for financial decision making
- Hensley, B., Jurgenson, J., & Ferris, L. (2017). Combining adult education and professional development best practices to improve financial education teacher training. Journal of Financial Counseling and Planning, 28(1), 33-48. https://dx.doi.org/10.2139/ssrn.2655682
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-Favorable impacts
Knowledge and skills for financial decision making
- Knowledge and skills for money management-Low-Favorable impacts
Knowledge 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:
