Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving
Abstract
As firms switch from defined‐benefit plans to defined‐contribution plans, employees bear more responsibility for making decisions about how much to save. The employees who fail to join the plan or who participate at a very low level appear to be saving at less than the predicted life cycle savings rates. Behavioral explanations for this behavior stress bounded rationality and self‐control and suggest that at least some of the low‐saving...
Paper Details
Title
Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving
Published Date
Feb 1, 2004
Journal
Volume
112
Issue
S1
Pages
S164 - S187
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