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Can we design decision tools to offset or even leverage the hurdles that our brains put in front the most important decisions that we face? Take planning and saving for a comfortable retirement. How much and in what one invests are two of the most important decisions any adult needs to make and take responsibility for.<\/p>\n
“Do your eyes glaze over when you start hearing about financial planning, asset allocation or stock picking?”*<\/p><\/blockquote>\n
With fewer people<\/a> being able to rely on defined benefit pensions, social security’s long-term solvency uncertain and questions about conflicts of interest<\/a> in the investment advice industry, people need to be more self-reliant. And yet, one half<\/a> of American households will not have enough saved to maintain their standard of living in retirement. On average, people aged 55 to 64 years old have just $104,000<\/a> in retirement savings. Clearly some bad decisions are being made.<\/p>\n
The Social Security Administration has helpfully compiled a summary<\/a> of behavioral economics research that helps explain why people tend to fall short. It includes a list of depressingly familiar behavioral impediments:<\/p>\n
\n\n
\n Category<\/strong><\/td>\n Examples<\/strong><\/td>\n<\/tr>\n \n Informational issues<\/td>\n Ambiguity aversion
\nAnecdotal evidence<\/td>\n<\/tr>\n\n Heuristics and biases<\/td>\n Rules of thumb
\nStatus quo bias
\nDefault effects<\/td>\n<\/tr>\n\n Intertemporal choice<\/td>\n Self-control
\nProcrastination
\nHyperbolic discounting
\nEmotions<\/td>\n<\/tr>\n\n Decision context<\/td>\n Reference dependence
\nChoice bracketing
\nFraming effects
\nChoice architecture<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n