Behavioural finance theory : implications for retirement savings

Ntalianis, Michael and Wise, Victoria 2009, Behavioural finance theory : implications for retirement savings, International journal behavioural and healthcare research, vol. 1, no. 4, pp. 335-352, doi: 10.1504/IJBHR.2009.032153.

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Title Behavioural finance theory : implications for retirement savings
Author(s) Ntalianis, Michael
Wise, Victoria
Journal name International journal behavioural and healthcare research
Volume number 1
Issue number 4
Start page 335
End page 352
Total pages 18
Publisher Inderscience Publishers
Place of publication Olney, England
Publication date 2009
ISSN 1755-3539
Summary This paper contains an overview of the life-cycle model and the behavioural finance theories that assist in explaining why individual savings behaviour deviates from what is predicted by this model. According to Bernstein (1996), the behavioural research evidence suggests irrationality, inconsistency and incompetence in the way individuals approach and arrive at decisions and choices when faced with uncertainty. The review of literature undertaken in this paper confirms that numerous individuals are not adequately equipped to handle the complex decisions required to properly plan and save for their retirement. While the targeting of educational resources to those individuals who are prepared to actively engage in the management of their retirement funds is likely to be beneficial, there is a need for behavioural factors to underpin future retirement savings policies.
Language eng
DOI 10.1504/IJBHR.2009.032153
Field of Research 150311 Organisational Behaviour
Socio Economic Objective 910109 Savings and Investments
HERDC Research category C1 Refereed article in a scholarly journal
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Document type: Journal Article
Collections: Faculty of Business and Law
Deakin Business School
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