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Herd behavior – from bank runs to retirement saving
If you are sitting in a packed cinema enjoying a romantic movie with your partner and someone suddenly yells “fire” and runs out, the chances are other individuals may perceive this as a signal to also leave the cinema, even if they have not seen or confirmed the existence…
Using commitment devices to save and invest with some lessons from Odysseus
The lack of self-control is one of the main reasons many fail to save for retirement or a rainy day. We get our paycheck and on our way home from work we stroll by our favourite mall and treat ourselves just a bit – this is at least what…
Using New Year’s resolutions to help you reach a secure retirement and build emergency savings
Let’s be honest, most of us make New Year’s resolutions and most of us terribly fail at them and by february we would rather forget all about them. But it doesn’t have to be this way and behavioral experts can offer us much help on how to make them…
Lessons for retirement planning from Whitney Houston’s hit song How Will I Know
“There’s a boy I know, he’s the one I dream of” are the first lines of Whitney Houston’s hit single “How will I know” from her debut album launched in 1985. The song became Houston’s second number-one single on the US Billboard chart and together with the accompanying music…
How defaults influence investment allocation of pension plan members (novel data set, N = 5.953)
Psychological inertia is best described as a general tendency towards inaction and because actions are always associated with some mental or physical effort, we prefer to avoid it and maintain the status-quo. Inertia is just one of the behavioral reasons millions all across the globe are still not saving…
Houston, we have a problem – (un)readability of retirement plan documentation 
According to the article in July’s issue of The Journal of Superannuation Management, you needed a tertiary level education* to understand or accurately interpret documentation related to your retirement plan. Guess how many Australians have a tertiary level education? Only 1,2 % of adults, hence the title of the…
The Dunning-Kruger effect and retirement saving
The first rule of the Dunning-Kruger club is, you don’t know that you’re a member of. A Slovenian news portal ran a terrific article the other day that also featured an interview with professor David Dunning, who together with Justin Kruger discovered the behavioral bias known today as the…
Not great, not terrible – Slovenia’s second pension pillar (update for 2021)
Since the Slovenian ministry of labour just released fresh stats for the second pension pillar, this just calls for an updated article on the evolution of the second pension pillar represented by defined contribution retirement plans. In December 2021 the number of employees saving in the second pension pillar…
Ireland to introduce automatic enrolment in retirement plans
Ireland just published ambitious plans to introduce automatic enrolment (AE) in retirement plans from 2024 onwards and since I always back AE as the single most important policy that can help people save for retirement, it’s well worth to look at the details, which are quite interesting and some…
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Irrational Retirement 