Using Behavioral Science to Increase Retirement Savings
By Andrew Fertig, Jaclyn Lefkowitz & Alissa Fishbane
We all deserve a dignified retirement, yet for many of us saving enough remains an obscure, unrealized goal. In an ideal world, planning for our retirement would begin with our first job, continue throughout our working years, and end in sufficient savings for a comfortable future. This pathway may be possible for the few among us with employer-provided pensions, where someone else handles all the planning and saving. Yet trends in the retirement savings landscape have moved away from these types of pension schemes. This shift has in part been influenced by assumptions about human behavior that aren’t always accurate.