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Behavioral finance and retirement planning in defined contribution plans

In: Handbook of Financial Decision Making

Author

Listed:
  • Julie Agnew

Abstract

This chapter provides a broad overview of academic research focused on individual retirement decision-making made mainly in corporate U.S. defined contributions plans, such as 401(k) plans. Summaries of academic literature analyzing decisions in both the pre-retirement accumulation phase and the post-retirement decumulation phase are included. The chapter highlights how behavioral biases, decision framing, and targeted interventions can affect the quality of individual choices. Given the complexity of these decisions, the chapter also delves into how financial literacy, financial education, and financial advice relate to observed choices.

Suggested Citation

  • Julie Agnew, 2023. "Behavioral finance and retirement planning in defined contribution plans," Chapters, in: Gilles Hilary & David McLean (ed.), Handbook of Financial Decision Making, chapter 19, pages 411-431, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21126_19
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    File URL: https://www.elgaronline.com/doi/10.4337/9781802204179.00034
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