In spite of the bleak outlook for Italian retirees' financial security in their foreseeable future, at the end of 2007, according to data supplied by the Supervisory Authority over Pension Funds, only about 19.8% of Italian workers joined a private pension scheme. More worryingly, young...

Previous research has demonstrated that consumers' decisions regarding supplementary pensions could be affected by some biases. Bernatzi and Thaler's experiment demonstrated that menu design can influence pension fund enrollment decisions, in that participants appear to adopt a naïve heuristic,...