Choice, Behavior, and Retirement Saving

Steven F. Venti

in The Oxford Handbook of Pensions and Retirement Income

Published in print July 2006 | ISBN: 9780199272464
Published online September 2009 | | DOI:

Series: Oxford Handbooks in Business and Management C

 Choice, Behavior, and Retirement Saving

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This article focuses on the effect of behavioural and psychological factors on two stages of the saving decision: planning and execution. At each stage it tries to identify and provide evidence of the effects of behavioural and psychological factors on saving decisions. The aim is not to evaluate the relative importance of conventional and alternative models of retirement saving. It is acknowledged that conventional models may be very good descriptions of how consumers intend to save and for some persons may describe observed behaviour. However, the conventional models are only part of the story. The discussion focuses on the other part: why some people fail to behave according to conventional models and what kinds of policies employers, governments, and savers themselves can adopt to encourage better saving decisions.

Keywords: retirement saving; saving decision; models of retirement; consumer behaviour; conventional models; consumer choice

Article.  6514 words. 

Subjects: Business and Management ; Business Ethics

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