Save More Tomorrow Practical Behavioral Finance Solutions to Improve 401K Plans
“Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401K Plans” by Shlomo Benartzi, published by Portfolio/Penguin in 2012, is a comprehensive guide that addresses the challenges faced by American workers regarding retirement savings. With 272 pages, this edition presents innovative strategies aimed at enhancing 401(k) plans by focusing on behavioral finance principles. The book highlights the issues of inertia, limited self-control, and loss aversion that contribute to the retirement savings crisis, offering practical solutions to help employees save more effectively.
Readers will discover a range of behavioral tools designed to improve retirement outcomes, such as encouraging future enrollment and reshuffling investment options to promote smarter saving decisions. Benartzi’s work not only provides insights into personal finance and retirement planning but also introduces a Behavioral Audit process for plan sponsors and advisers. This edition serves as a resource for those looking to navigate the complexities of investments and securities while fostering personal growth in financial decision-making.
Official synopsis Publisher
One of the world’s top experts in behavioral finance offers innovative strategies for improving 401(k) plans.
Half of Americans do not have access to a retirement saving plan at their workplace. Of those who do about a third fail to join. And those who do join tend to save too little and often make unwise investment decisions. In short, the 401(k) world is in crisis, and workers need help.
Save More Tomorrow provides that help by focusing on the behavioral challenges that led to this crisis inertia, limited self-control, loss aversion, and myopia–and transforms them into behavioral solutions. These solutions, or tools, are based on cutting edge behavioral finance research and they can dramatically improve outcomes by, for example, helping employees:
-Save, even if they aren’t ready to do so now, by using future enrollment.
-Save more by showing them images of their future selves.
-Save smarter by reshuffling the order of funds on the investment menu.
Save More Tomorrow is the first comprehensive application of behavioral finance to improve retirement outcomes. It also makes it easy for plan sponsors and their advisers to apply these behavioral tools using its innovative Behavioral Audit process.
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