Using behavioural finance to encourage saving for retirement.
It's easy to imagine saving money next week, but how about right now? Generally, we want to spend it. Economist Shlomo Benartzi says this is one of the biggest obstacles to saving enough for retirement, and asks: How do we turn this behavioural challenge into a behavioural solution?
Shlomo Benartzi uses behavioural economics to study how and why we plan well for the future (or fail to), and uses that to develop new programs to encourage saving for retirement.
By Susie Steiner, The Guardian, 1 February, 2012
Bronnie Ware, a palliative nurse who has counselled the dying in their last days has revealed the most common regrets we have at the end of our lives. And among the top, from men in particular, is 'I wish I hadn't worked so hard'.
Ware writes of the phenomenal clarity of vision that people gain at the end of their lives, and how we might learn from their wisdom. "When questioned about any regrets they had or anything they would do differently," she says, "common themes surfaced again and again."
Ever wondered how much it costs to have a life when you’ve retired? Read More...
Daniel Goldstein studies how we make decisions about our financial selves -- both now and in the future