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Shock news! Folk with no retirement plan don't worry

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From a review of Richard Thaler's latest (behavioural finance) book, "Misbehaving":
A shocking finding was that having no retirement plan had no significant effect on self-assessments of financial well-being, even for those approaching retirement. Although there are other surveys where Americans express retirement concerns when prompted, this particular study indicates that such concerns don’t rise to top-of-mind naturally, reflecting the behavioral bias of being present-focused.

http://www.advisorperspectives.com/newsletters15/26-richard-thalers-misbehaving-and-implications-for-investors-and-advisors-3.php
Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...
THE WAY TO WEALTH, Benjamin Franklin, 1758 AD

Comments

  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Given how few people in the uk had pensions before auto enrollment it isn't surprising.

    And surprisingly, retirement is the one time americans can worry a little less as they will have both a SS pension AND for once, health care with medicare. We tend to forget with our NHS, that some people have to choose between taking their kids to the doctor/dentist or putting food on t he table.
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