Start Date
17-12-2021 9:25 AM
Description
The standard economic view of saving for retirement assumes that all individuals calculate how much they will earn over their lifetime, figure out how much they will need when they retire, and save enough to enjoy a comfortable retirement. This view of every individual as economically diligent is unrealistic. This study explores why individuals in the United States do not save enough and whether the concept of mental accounting and the issue of present bias play a factor in saving behavior in the United States. Through the analysis of consumer financial data and examination of case studies focused on saving behavior, this study seeks to narrow in on why saving for retirement is an issue in the United States from a behavioral economics perspective.
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Investigating Factors that Affect Saving Behavior
The standard economic view of saving for retirement assumes that all individuals calculate how much they will earn over their lifetime, figure out how much they will need when they retire, and save enough to enjoy a comfortable retirement. This view of every individual as economically diligent is unrealistic. This study explores why individuals in the United States do not save enough and whether the concept of mental accounting and the issue of present bias play a factor in saving behavior in the United States. Through the analysis of consumer financial data and examination of case studies focused on saving behavior, this study seeks to narrow in on why saving for retirement is an issue in the United States from a behavioral economics perspective.
