Claire Baxter Claremont Colleges Library

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An Investigation Into the Effects of Social Influences on the Paradox of Choice in Retirement Plans Summary

Research in retirement planning has found that people are delaying investing in a retirement plan and are missing out on thousands of potential savings from not investing since 401(k)'s are protected against income taxes. This delay of investment could be occurring as a result of choice overload. The current study examined choice overload in the financial context of 401(k) retirement plans in order to find an efficient solution. Social influences and peer effects have been shown to increase retirement plan participation rates. Participants (n=119) were randomly assigned to a control condition or one of two social preferences conditions, one of which had a heavily skewed social preference while the other had relatively equal preferences. Participants were instructed to build a 401(k) and then were asked questions regarding their financial literacy and overload and satisfaction with their decisions. There was no significant effect of social preferences on overload or satisfaction. However, financial literacy was found to be a negative predictor of satisfaction.

Author : Claire Baxter

Publisher : Claremont Colleges Library

Published : 2018

ISBN-10 :

ISBN-13 :

Number of Pages : 39 Pages

Language : en

Keyword :

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