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How do Behavioral Approaches to Increase Savings Compare? Evidence from Multiple Interventions in the U.S. Army
Patterson, Richard W.; Skimmyhorn, William L. - National Bureau of Economic Research - 2022
increase retirement savings. However, gauging the relative efficacy of these approaches is challenging because the supporting … rates, active choice, and automatic enrollment) designed to increase retirement savings. Consistent with previous literature …, we find sizable effects of savings interventions on participation and cumulative contributions that increase with the …
Persistent link: https://www.econbiz.de/10013462745
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Plan Design and Participant Behavior in Defined Contribution Retirement Plans : Past, Present, and Future
Reuter, Jonathan - National Bureau of Economic Research - 2024
savings are smaller than the short-run effects, with some savings financed via debt. I also review efforts to expand access to … employer-based retirement savings and liquid savings, the pros and cons of target date funds as default investment options …
Persistent link: https://www.econbiz.de/10014635616
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Wealth Accumulation and the Propensity to Plan
Ameriks, John - 2002
Why do similar households end up with very different levels of wealth? We show that differences in the attitudes and skills with which they approach financial planning are a significant factor. We use new and unique survey data to assess these differences and to measure each household's...
Persistent link: https://www.econbiz.de/10012469794
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Wealth Accumulation and the Propensity to Plan
Ameriks, John; Caplin, Andrew; Leahy, John V. - 2021
Why do similar households end up with very different levels of wealth? We show that differences in the attitudes and skills with which they approach financial planning are a significant factor. We use new and unique survey data to assess these differences and to measure each household's...
Persistent link: https://www.econbiz.de/10013227735
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How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
Hastings, Justine S. - 2011
Two competing explanations for why consumers have trouble with financial decisions are gaining momentum. One is that people are financially illiterate since they lack understanding of simple economic concepts and cannot carry out computations such as computing compound interest, which could...
Persistent link: https://www.econbiz.de/10013130966
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Individual Financial Decisions in Retirement Saving Plans and the Provision of Resources for Retirement
Poterba, James M. - 2000
Proposals for mandatory private saving accounts differ in the degree of investment discretion that they provide to individual savers, and in their provisions for annuitization of accumulated assets. With respect to investment choices, some argue that individuals must be prevented from investing...
Persistent link: https://www.econbiz.de/10012789302
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How Much to Save? Decision Costs and Retirement Plan Participation
Goldin, Jacob; Homonoff, Tatiana Alexandra; Patterson, … - 2022
Deciding how much to save for retirement can be complicated. Drawing on a field experiment conducted with the Department of Defense, we study whether such complexity depresses participation in an employer-sponsored retirement saving plan. We find that simplifying one dimension of the enrollment...
Persistent link: https://www.econbiz.de/10013290384
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How Much to Save? Decision Costs and Retirement Plan Participation
Goldin, Jacob - 2020
Deciding how much to save for retirement can be complicated. Drawing on a field experiment conducted with the Department of Defense, we study whether such complexity depresses participation in an employer-sponsored retirement saving plan. We find that simplifying one dimension of the enrollment...
Persistent link: https://www.econbiz.de/10012481430
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How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
Hastings, Justine S. - 2011
Two competing explanations for why consumers have trouble with financial decisions are gaining momentum. One is that people are financially illiterate since they lack understanding of simple economic concepts and cannot carry out computations such as computing compound interest, which could...
Persistent link: https://www.econbiz.de/10012461918
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Simplification and Saving
Beshears, John - 2006
-cost intervention that substantially simplifies the retirement savings plan participation decision. Individuals received an opportunity … to enroll in a retirement savings plan at a pre-selected contribution rate and asset allocation, allowing them to … increase contribution rates among employees who are already participating in a savings plan …
Persistent link: https://www.econbiz.de/10012466002