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Do Smartphones Make Us Too Loss-Averse?


Econs, Humans and the Perception of Risk



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The Save More Tomorrow Story

Back in 1996, two professors had an idea to increase savings within 401(k) plans. They knew that even employees who joined 401(k) plans saved little because they didn’t want to increase savings and see their paychecks shrink – a classic example of “loss aversion.” The professors also knew that most employees wanted to save more, but that this loss aversion, together with simple inertia, made increasing savings difficult. Their idea was to increase savings when workers got a pay raise, because when a portion of a raise goes into savings, employees don’t feel as though they’re losing. Their Save More Tomorrow program was first put in practice by a company in 1998, and the idea had since spread around the world.

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Save More Tomorrow

Professor Shlomo Benartzi and Professor Richard Thaler on how Behavioral Finance can help investors to be better prepared for the future.

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Shlomo Benartzi: Saving for tomorrow, tomorrow

In November 2011, Professor Shlomo Benartzi, of the UCLA Anderson School of Management and Chief Behavioral Economist of the Allianz Global Investors Center for Behavioral Finance, spoke at the TED@AllianzGI conference. His topic was how behavioral finance, a combination of psychology and economics, can help people avoid making “money mistakes” associated with retirement planning. One of the most effective behavioral finance tools is Save More Tomorrow™, a savings enhancement program that helps people overcome behavioral challenges so they can save adequately for retirement. The program shows that behavioral finance not only works but is also extremely powerful. Professor Benartzi chose the program’s name as the title of his new book, Save More Tomorrow: practical behavioral finance solutions to improve 401(k) plans, which presents this and other behavioral finance tools that address a wide range of retirement planning mistakes.

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The three biggest behavioral obstacles face by people saving for retirement.

What are the three biggest obstacles for people saving for retirement?

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Save More Tomorrow’s 90-10-90 goals for plan success.

How do we achieve goals through the concept of “90/10/90”?

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Getting people to save, save more and save smarter.

The book mentions three steps or actions that are involved in helping people improve saving behavior. What are they?

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The Behavioral Time Machine

Professor Shlomo Benartzi and Assistant Professor of Marketing Hal E. Hershfield on how Behavioral Finance can help investors to bring their future into focus.

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Daniel Goldstein: The battle between your present and future self

Daniel Goldstein makes tools that help us imagine ourselves over time, so that we make smart choices for Future Us.

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Professor Richard Thaler: Behavioral Finance and the NFL Draft

Professor Richard Thaler on ways how behavioral science can help investors make better financial decisions and athletes win games.

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Professor John Payne: Overcoming Information Overload

Prof. John Payne (Duke University) on 3 strategies to overcoming information overload in decision-making.

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Professor Sheena Iyengar: Be choosy about choosing

Professor Sheena Iyengar on strategies to overcome choice overload.

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Professor David Laibson: The Failure of Self Control

Professor David Laibson on commitment strategies to overcome the lack of self-control.

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Dean Karlan: Increase the price of vice or lower the price of virtue?

At the TED@AllianzGI conference at the Time Warner Center, New York, professor Dean Karlan of Yale University focuses on the difference between debt and credit in developing economies and helps the audience understand the challenges in determining when savings and microcredit programs work, and when they don’t. He discusses how commitment strategies can improve the results of saving and microcredit programs in any economy.

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Kathryn Schulz: Don't regret regret

Author and journalist Kathryn Schulz on what regret can actually teach us.

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Robert Sirota: Finding the Lost Chord

At the TED@AllianzGI conference at the Time Warner Center, New York, Robert Sirota, composer and president of the Manhattan School of Music, talks about how signs and signals affect the way we think and act – using music as the example. He discusses how creative people communicate, the choices they make, and the kind of outcomes they create.

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Stefon Harris: There are no mistakes on the bandstand

Stefon Harris shows how many actions are perceived as mistakes only because we don’t react to them appropriately.


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Why Standard Risk Measurements Don't Add Up
For most people, bad surprises loom larger than good ones, but that fact is missing from risk measures like standard deviation. In a new paper, the Center for Behavioral Finance investigates how people perceive risk and what it means for investors.
Curing Investment Paralysis
To ease volatility-averse clients off the sidelines, advisors might consider an "Invest More Tomorrow" strategy.
Bound to Plan
A Ulysses strategy can help clients ride out market volatility by asking them to pre-commit to a rational investment plan.
Appealing to Retirement Investors
"Framing" retirement solutions in terms of income, rather than investment returns, can have a remarkable impact on their attractiveness to investors.
Save More Tomorrow
A proven program using behavioral finance to help people save more for retirement by getting them to pre-commit to it today.

Goal Planning System App

The Retirement Goal Planning System® is a free Apple iPad application to help you plan for a successful retirement. Download today! Retirement Goal Planning System - Available on the App Store

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