Save More Tomorrow
-
Published on Apr 12, 2012 | 288 Pages
Published on Apr 12, 2012 | 288 Pages
Half of Americans do not have access to a retirement saving plan at their workplace. Of those who do about a third fail to join. And those who do join tend to save too little and often make unwise investment decisions. In short, the 401(k) world is in crisis, and workers need help.
Save More Tomorrow provides that help by focusing on the behavioral challenges that led to this crisis inertia, limited self-control, loss aversion, and myopia—and transforms them into behavioral solutions. These solutions, or tools, are based on cutting edge behavioral finance research and they can dramatically improve outcomes by, for example, helping employees:
-Save, even if they aren’t ready to do so now, by using future enrollment.
-Save more by showing them images of their future selves.
-Save smarter by reshuffling the order of funds on the investment menu.Save More Tomorrow is the first comprehensive application of behavioral finance to improve retirement outcomes. It also makes it easy for plan sponsors and their advisers to apply these behavioral tools using its innovative Behavioral Audit process.
Author
Shlomo Benartzi
Shlomo Benartzi is a professor and a cochair of the Behavioral Decision-Making Group at UCLA’s Anderson School of Management. He has advised many government agencies, financial institutions, and advisory boards, and currently serves as the chief behavioral economist for the Allianz Global Investors Center for Behavioral Finance. He co-created (with Richard Thaler) the acclaimed Save More Tomorrow program, which makes it easy for employees to increase their retirement savings rate and has helped millions of people boost their savings.
Learn More about Shlomo Benartzi