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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.
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: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
Liebman, J., & Luttmer, E. (2011). Would people behave differently if they better understood Social Security? Evidence from a field experiment. National Bureau of Economic Research working paper no. 17287. Cambridge, MA: NBER.
Topic Area: Behavioral Finance: Retirement, Behavioral Insights
Study Type: Causal Impact Analysis
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:
