|NEW YORK (June 25, 2020) – The TIAA Institute and its long-standing partner, the Pension Research Council (PRC) of the University of Pennsylvania’s Wharton School, released new research about how behavioral factors and biases can affect financial decisions at various stages of employment.
“Achieving financial security has become more challenging than ever due to the coronavirus pandemic and resulting economic crisis,” said Stephanie Bell-Rose, Head of the TIAA Institute. “The financial impact of this moment will be felt for years, and creative approaches will be needed to guide Americans back toward greater financial stability. The studies released today provide insights that are essential to understanding how psychological influences and biases can affect and increase financial security during this critical time.”
This new research from established scholars and thought leaders adds to a growing series of studies in the behavioral finance area that have helped inform decisions aimed at improving retirement security. This work dives further into behavioral factors and biases that affect the retirement outcomes of Americans across generations, financial literacy levels, work and home environments, and more.
“We are delighted to extend our innovative collaboration with the TIAA Institute on cutting-edge research on ways to enhance retirement financial security,” said Olivia S. Mitchell, Director of Wharton’s Pension Research Council.
The following research was released during today’s symposium. To view all the reports in full and key findings of each paper, please click HERE.
● Using Behavioral Prompts to Improve Saving and Investment Decisions, Vickie Batjelsmit and Jennifer Coats (Colorado State University)
● The Role of Affect and Social Norms in Preferences for Guaranteed Income Streams in Retirement, Helen Colby (Indiana University), and Suzanne B. Shu (UCLA & Cornell University)
● Impact of automatic enrollment on participation in the SRP for public employees in South Dakota, Robert Clark and Denis Pelletier (North Carolina State University)
● Do Mandatory Retirement Contributions Crowd Out Voluntary Contributions?, Leora Friedberg and Adam Leive (University of Virginia), and Wenqiang Cai (PWC)
● Understanding Debt Among the Older Population, Olivia S. Mitchell (University of Pennsylvania), Annamaria Lusardi (George Washington University), and Noemi Oggero (University of Turin)
● Moving the Goalposts, Jordan Nickerson (Boston College)
About the TIAA Institute
The TIAA Institute helps advance the ways individuals and institutions plan for financial security and organizational effectiveness. The institute conducts in-depth research, provides access to a network of thought leaders, and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success. For more information about the TIAA Institute, visit www.tiaainstitute.org and follow us on Twitter @TIAAInstitute.
About the Pension Research Council
For over 65 years, the Pension Research Council/Boettner Center at Wharton School of the University of Pennsylvania has sponsored research on the entire range of private pension and Social Security programs, as well as related benefit plans in the U.S. and worldwide. Follow us on Twitter @PensionResearch and learn more at pensionresearchcouncil.wharton.upenn.edu
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