Abstract and Keywords
This article focuses on the effect of behavioural and psychological factors on two stages of the saving decision: planning and execution. At each stage it tries to identify and provide evidence of the effects of behavioural and psychological factors on saving decisions. The aim is not to evaluate the relative importance of conventional and alternative models of retirement saving. It is acknowledged that conventional models may be very good descriptions of how consumers intend to save and for some persons may describe observed behaviour. However, the conventional models are only part of the story. The discussion focuses on the other part: why some people fail to behave according to conventional models and what kinds of policies employers, governments, and savers themselves can adopt to encourage better saving decisions.
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