The paper, “Ain’t Misbehavin’!,” is the first in a series of pieces exploring how plan sponsors can make use of behavioral economic theory in retirement plans, the firm said.
Behavioral economics is the combination of economics, sociology, and psychology. The firm noted that the retirement industry is recognizing the impact an understanding of behavioral economics can have to help create effective strategies to improve participant outcomes. The paper provides an introduction to the field of behavioral economics in order to help retirement plan sponsors better understand participant behavior and the reasons why a different approach to plan structure and communication could be in order.
The paper is available to view and download at www.arnerichmassena.com.