University of Illinois Urbana-Champaign

Does Hard Work Pay Off in the Long Run? The Case for Savings Nudges

Lewis, Timothy

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https://hdl.handle.net/2142/94665

Description

Title
Does Hard Work Pay Off in the Long Run? The Case for Savings Nudges
Author(s)
Lewis, Timothy
Contributor(s)
  • Benjamin, Aaron S.
  • Roberts, Brent W.
Issue Date
2013
Keyword(s)
  • Economics
  • Psychology
Abstract
Conscientiousness is the most predictive of the Big Five traits in a whole host of relevant life domains. Conscientious individuals experience a multitude of positive benefits including: increased life spans, more invested social lives, improved performance in education, more successful careers and greater lifetime income. The current paper explores the rarely studied relationship between conscientiousness and the propensity to save for retirement. The study shows that conscientious individuals are in fact more likely to save for retirement. The study also discusses the savings problem from a behavioral standpoint and evaluates current strategies to combat the issue, focusing on personality interventions aimed at increasing conscientiousness, Financial literacy, and behavioral economic nudges.
Publisher
OMSA Office of Minority Student Affairs
Type of Resource
text
Permalink
http://hdl.handle.net/2142/94665
Copyright and License Information
Copyright 2013 Timothy Lewis

Owning Collections

TRiO - Vol. 1, no.1 2013 PRIMARY
The TRiO McNair journal is a culmination of research conducted by student scholars and their facutly representatives through the Ronald E. McNair Scholars Program.