This document summarizes research on saving behaviors and effective savings strategies. Some key findings include:
- About half of Americans have a savings plan but fewer have a spending plan that allows them to save. Having specific savings goals is linked to better financial outcomes.
- Automatic savings, employer-sponsored retirement plans, and visualizing future needs can help more people save successfully. Behavioral biases like underestimating compound interest must be addressed.
- Lower-income households can save, even small amounts, when given the right incentives and tools. Matching programs, financial education, and automated savings increase savings rates among all income groups.
This 90-minute webinar will discuss “hot button” personal finance issues in 2016 that will continue to be of interest to consumers and financial practitioners in 2017. Topics to be discussed include: retirement planning, withdrawals and annuities, savings and spending trends, debt, financial fragility, changes in income in 2016, changes in health care premiums and deductibles, the Affordable Care Act, banking scandals, unemployment, government policies impacting finances in 2017, including changes to the Military Care Act and the Blended Retirement System.
To join, regsiter and for more information on this webinar: https://learn.extension.org/events/2815/edit
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
How to Join the Webinar:
You may connect via the APAN Connect system or Ustream. For tech support for either system, email us at milfamln@gmail.com.
APAN Connect (direct interaction with presenters and audience)
To get the URL for the webinar, register in the grey box at the top-right of this page
Go mobile by viewing on the Adobe Connect app (Android & iPhone compatible)
If you cannot access APAN Connect, view via YouTube Live
YouTube Live (broadcast only, limited interaction)
Watch at https://www.youtube.com/user/MilFamLN/live
Go mobile by viewing on the YouTube app
Visit our How to Join page for full information on viewing options and troubleshooting tips.
Speaker
Barbara O’Neill, Ph.D
This 90-minute webinar will present 16 specific savings strategies for military families and will precede https://militarysaves.org/organizations/military-saves-week (February 22-27, 2016). Other topics that will be covered include the financial fragility of many U.S. households, types of savings accounts, advantages of saving money, barriers to saving, savings pre-requisites, research findings about savings behavior and characteristics of successful savers, savings motivational programs, and savings educational resources.
Register and join the webinar: https://learn.extension.org/events/2344
This 90-minute webinar will discuss “hot button” personal finance issues in 2016 that will continue to be of interest to consumers and financial practitioners in 2017. Topics to be discussed include: retirement planning, withdrawals and annuities, savings and spending trends, debt, financial fragility, changes in income in 2016, changes in health care premiums and deductibles, the Affordable Care Act, banking scandals, unemployment, government policies impacting finances in 2017, including changes to the Military Care Act and the Blended Retirement System.
To join, regsiter and for more information on this webinar: https://learn.extension.org/events/2815/edit
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
How to Join the Webinar:
You may connect via the APAN Connect system or Ustream. For tech support for either system, email us at milfamln@gmail.com.
APAN Connect (direct interaction with presenters and audience)
To get the URL for the webinar, register in the grey box at the top-right of this page
Go mobile by viewing on the Adobe Connect app (Android & iPhone compatible)
If you cannot access APAN Connect, view via YouTube Live
YouTube Live (broadcast only, limited interaction)
Watch at https://www.youtube.com/user/MilFamLN/live
Go mobile by viewing on the YouTube app
Visit our How to Join page for full information on viewing options and troubleshooting tips.
Speaker
Barbara O’Neill, Ph.D
This 90-minute webinar will present 16 specific savings strategies for military families and will precede https://militarysaves.org/organizations/military-saves-week (February 22-27, 2016). Other topics that will be covered include the financial fragility of many U.S. households, types of savings accounts, advantages of saving money, barriers to saving, savings pre-requisites, research findings about savings behavior and characteristics of successful savers, savings motivational programs, and savings educational resources.
Register and join the webinar: https://learn.extension.org/events/2344
Join our #CreditChat every Wednesday at 3 p.m. ET on Twitter and YouTube. This week, we discussed the road to financial wellness. Our #CreditChat panel included Jason Vitug – Founder of Phroogal.com, and Dr. Barbara O’Neill- CFP®, Distinguished Professor, and Specialist in Financial Resource Management, Rutgers Cooperative Extension, Carey Ransom- CMO of Payoff.We were also joined by several influencers in the personal finance community on Twitter. This deck features tips from: @FSAstore, @AFCPE, @OperationHOPE, @dougboneparth, @LeslieHTayneEsq, @SFCUNews, @emergebenefit, @PhiladelphiaF.E.C., @Rod_Griffin, @URMoneyMentor, @UncommonJules, @PiggieBanker, Phroogal, @MoneyCrashers, @Kasasa, @Payoff, @DaHartattack, @firstqfinance, @_MoneySavingPro, @DearDebtBlog, and @Moneytalk1
Cliffs Notes from the Journal of Financial Planning & Counseling milfamln
Many financial practitioners do not take the time to read research journals, let alone apply the findings of personal finance studies to their work. This 90-minute webinar will address this concern head on. It will begin with participants sharing some of the most memorable personal finance research studies that they recall and specific ways that they have put research findings into practice with clients or students. It will then present a summary of research findings on a wide variety of personal finance topics including saving, investing, credit, cash flow management, purchase of a home, planning for retirement, and managing money in retirement. The source of the webinar content will be studies published in the Journal of Financial Counseling and Planning during the past decade. Even more importantly than the research summaries, however, will be the discussion of actionable implications for financial practitioners; i.e., the “so what?” of published studies. Every study that is mentioned in the webinar will be presented in “split screen” format with one side of each slide briefly describing a study and the other listing specific implications for practitioners. The webinar will conclude with a consolidated list of action steps and online resources. Participant interaction will include answering some of the same questions that researchers have posed in their published studies.
Current Issues for Financial Practitioners 2014-2015milfamln
What were some “hot button” personal finance issues in 2014 that will continue to be of interest to consumers and financial practitioners in 2015?
This slide presentation addresses key topics to include increasing rates of personal data hacking and tax refund identity theft, implementation of the Affordable Care Act (ACA), new highs for the DJIA and S&P 500 stock market indices, and continued economic fallout from the Great Recession. This 90-minute webinar will present a “Financial Year in Review” with 2014 updates on a variety of personal finance topics and 2015 previews of expected changes in tax laws, government regulations, and financial products and services. Dr. Barbara O'Neill will address these issues and more in this 90-minute session on behalf of the Military Families Learning Network.
Find more resources at https://learn.extension.org/events/1714
How To Manage Finances & Funding for Educational InstitutionsProcurify.com
Every organization and every person has a spend culture.
Spend culture is a set of shared beliefs and practices that informs a person how, why and when money should be spent.
Whether planned or random, all organizations have a spend culture.
Culture is fluid. It evolves with time and with each additional person. Understanding your spend culture and how it affects the people who work in your organization will influence how much value you get out of your spending.
Find out what your Spend Culture is: https://spendculture.procurify.com/
The Personal Finance and Nutrition and Wellness teams of the Military Families Learning Network will be joining together to present this 90-minute webinar that will focus on the crossover effect of positive health behaviors and positive financial behaviors. As Drs. Ensle and O’Neill will discuss, research has found a strong correlation between health and wealth. This webinar will discuss those correlations and ways to motivate clients to adopt positive behaviors in both parts of their lives.
Join our #CreditChat every Wednesday at 3 p.m. ET on Twitter and YouTube. This week, we discussed the road to financial wellness. Our #CreditChat panel included Jason Vitug – Founder of Phroogal.com, and Dr. Barbara O’Neill- CFP®, Distinguished Professor, and Specialist in Financial Resource Management, Rutgers Cooperative Extension, Carey Ransom- CMO of Payoff.We were also joined by several influencers in the personal finance community on Twitter. This deck features tips from: @FSAstore, @AFCPE, @OperationHOPE, @dougboneparth, @LeslieHTayneEsq, @SFCUNews, @emergebenefit, @PhiladelphiaF.E.C., @Rod_Griffin, @URMoneyMentor, @UncommonJules, @PiggieBanker, Phroogal, @MoneyCrashers, @Kasasa, @Payoff, @DaHartattack, @firstqfinance, @_MoneySavingPro, @DearDebtBlog, and @Moneytalk1
Cliffs Notes from the Journal of Financial Planning & Counseling milfamln
Many financial practitioners do not take the time to read research journals, let alone apply the findings of personal finance studies to their work. This 90-minute webinar will address this concern head on. It will begin with participants sharing some of the most memorable personal finance research studies that they recall and specific ways that they have put research findings into practice with clients or students. It will then present a summary of research findings on a wide variety of personal finance topics including saving, investing, credit, cash flow management, purchase of a home, planning for retirement, and managing money in retirement. The source of the webinar content will be studies published in the Journal of Financial Counseling and Planning during the past decade. Even more importantly than the research summaries, however, will be the discussion of actionable implications for financial practitioners; i.e., the “so what?” of published studies. Every study that is mentioned in the webinar will be presented in “split screen” format with one side of each slide briefly describing a study and the other listing specific implications for practitioners. The webinar will conclude with a consolidated list of action steps and online resources. Participant interaction will include answering some of the same questions that researchers have posed in their published studies.
Current Issues for Financial Practitioners 2014-2015milfamln
What were some “hot button” personal finance issues in 2014 that will continue to be of interest to consumers and financial practitioners in 2015?
This slide presentation addresses key topics to include increasing rates of personal data hacking and tax refund identity theft, implementation of the Affordable Care Act (ACA), new highs for the DJIA and S&P 500 stock market indices, and continued economic fallout from the Great Recession. This 90-minute webinar will present a “Financial Year in Review” with 2014 updates on a variety of personal finance topics and 2015 previews of expected changes in tax laws, government regulations, and financial products and services. Dr. Barbara O'Neill will address these issues and more in this 90-minute session on behalf of the Military Families Learning Network.
Find more resources at https://learn.extension.org/events/1714
How To Manage Finances & Funding for Educational InstitutionsProcurify.com
Every organization and every person has a spend culture.
Spend culture is a set of shared beliefs and practices that informs a person how, why and when money should be spent.
Whether planned or random, all organizations have a spend culture.
Culture is fluid. It evolves with time and with each additional person. Understanding your spend culture and how it affects the people who work in your organization will influence how much value you get out of your spending.
Find out what your Spend Culture is: https://spendculture.procurify.com/
The Personal Finance and Nutrition and Wellness teams of the Military Families Learning Network will be joining together to present this 90-minute webinar that will focus on the crossover effect of positive health behaviors and positive financial behaviors. As Drs. Ensle and O’Neill will discuss, research has found a strong correlation between health and wealth. This webinar will discuss those correlations and ways to motivate clients to adopt positive behaviors in both parts of their lives.
Inflation Causes, Impacts, Mitigation Strategies, and BenefitsBarbara O'Neill
60-minute webinar for AFCPE on 05/11/23 that discusses the causes and impacts of inflation and several dozen strategies to mitigate the effects of higer prices on household budgets.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
3. Did You Ever Wonder…
Does Research Support
The Three Keys to Saving?
4. Research Study Topics
• Savings behaviors of Americans
• Characteristics of successful savers
• Resources for saving money
• Barriers to saving money
Mix of government, non-profit, and academic studies
6. Savings Behavior
• 6th Annual Savings Survey
(national) by CFA & ASEC (2013):
http://www.consumerfed.org/news/644
• 54% of Americans “have a savings
plan with specific goals”
• 43% have a spending plan that
allows them to save for goals
• 50% of pre-retirees save for
retirement at work
• 41% preauthorize transfers from
checking to savings or investments
• 49% know their net worth
• 65% have sufficient emergency
savings
Implications
• Provide tools for financial goalsetting and net worth and
spending plans
•
http://njaes.rutgers.edu/money/pdfs/goalse
ttingworksheet.pdf
•
http://njaes.rutgers.edu/money/pdfs/networ
thcalcworksheet.pdf
•
http://njaes.rutgers.edu/money/pdfs/fs421w
orksheet.pdf
• Provide tools to sign up for
employer savings plan at financial
seminars and benefit fairs
7. Savings Behavior
Implications
• 5th Annual Savings Survey
(national) by CFA & ASEC (2012): • Provide planning tools and
http://americasavesweek.org/image
encourage future-mindedness
s/asw2012pr.pdf
– http://www.americasavesweek.org/forindividuals/picture-your-savings-goal
• 2/3 of Americans spend < their
• Provide successful savings role
income and save the difference and
models…people with “street cred”
have adequate emergency funds
• Having a savings plan with specific
goals can have beneficial financial
effects, even for lower-income
families (< $25,000)
• Those with a savings plan are
much more likely to spend <
income and save (85% of all 1,007
respondents vs 44%)
8. Savings Behavior
• 2013 Retirement Confidence
Survey (EBRI): 57% of U.S.
workers have < $25,000 in total
savings including 28% that have <
$1,000 (excluding a primary
residence and DB pension plan)
• Only 12% have saved $250,000 +
• Workers who participate in a
retirement savings plan at work
(45%) are considerably more likely
than those who are offered a plan
but choose not to participate (22%)
or are not offered a plan (18%) to
have saved at least $50,000
•
http://www.ebri.org/pdf/surveys/rcs/2013/Fin
al-FS.RCS-13.FS_3.Saving.FINAL.pdf
Implications
• Stress the benefits of employer
savings plans
• Sign people up at workplace
seminars or auto-enroll them
• Fine line between educating
people and scaring them so they
say “Why bother? I’ll never be
able to save enough money”
• Example: Showing the 4%
withdrawal rule on a low sum:
$25,000 x .04 = $1,000 a year.
9. Savings Behavior
• Fidelity: 401(k) plan participants
save 8% of their salaries in
401(k) plans; When a typical
employer match is factored in, the
savings rate increases to 12%
• Average 401(k) at end of 2012
had $77,300
• Younger workers use Roth
401(k)s the most: 10% for
workers in their 20s vs. 6% of
workers overall
•
http://www.fidelity.com/insidefidelity/employer-services/fidelity-analysisfinds-record-high-average-401k-balance
Implications
• Teach the “Kick It Up a Notch”
behavior change strategy:
http://njaes.rutgers.edu/sshw/workbook/21
_Kick_it_Up_a_Notch.pdf
• Show people the dollar benefits of
an “extra notch”
• 1% More Calculator:
http://www.nytimes.com/interactive/2010/0
3/24/your-money/one-pct-morecalculator.html?_r=0
• Use a Monte Carlo calculator to
show how extra savings increase
the chances of retirement success
10. Savings Behavior
• In 2012, 11% of 401(k)
participants contributed the
maximum possible amount
(Vanguard)
– $17,500 < age 50 (2014)
– $23,000 age 50 + (2014)
• Saver’s Credits were claimed on
6.1 million tax returns in 2010 but
most people received small
benefits: $122 for individuals and
$204 for couples
•
http://money.usnews.com/money/retireme
nt/articles/2013/11/04/modest-401k-andira-changes-coming-in-2014
Implications
• Many government incentives to
save are under-utilized
• Boosting your savings rate is a
sure way to improve your
retirement prospects
• “Reference group” info like this is
good so people know how they’re
doing compared to others
11. Characteristics of
Successful Savers
• Okech et al. (U of Georgia): Paying
rent with cash, using VITA to
prepare taxes, and witnessing
parents save money in financial
institutions were positively
associated with likelihood of having
a motivation to save:
Implications
• Encourage parents to model good
financial management practices for
children
• Foster deliberate parent-child
interaction about savings; use
normal events as “teachable
• http://www.tandfonline.com/doi/abs/
moments”
10.1080/15588742.2013.766917#.U
uARJ00o6M8
• Coordinate savings outreach
programs with tax preparation
outreach
12. Characteristics of
Successful Savers
• When kids have even a small
savings account in their name, it
increases the chance that they
will persevere and do what it
takes to graduate from college
• Those who have an account are
about seven times more likely to
attend college than youth without
savings
• The correlation between savings
and college graduation is
particularly strong among young
adults in families earning < $50k
•
http://www.newamerica.net/node/69416
•
http://link.springer.com/article/10.1007/s1
0834-012-9341-0#page-1
Implications
• Even modest savings can be
empowering and has aspirational
effects: gives people a sense that
they have control over their destiny
• Having money saved for college
reinforces the message to go to
college and work hard for good
grades
• Encourage youth savings and stress
the psychological benefits
13. Characteristics of
Successful Savers
• Fisher & Anong (2012): 2007 SCF
data: 46% saved regularly, 32%
irregularly, 22% did not save
Implications
• Motives are strong predictors of
disciplined saving
• Precautionary and retirement
• Emphasize the importance of
motives, long-term planning
identifying goals to encourage a
horizon, and higher income
regular habit of discretionary saving
increased likelihood of saving
and automated saving
regularly or irregularly vs. no saving
• Households in all income groups
can be regular savers
• Retirement motive separated
regular savers from irregular
savers: 1.5 times more likely
http://www.afcpe.org/assets/pdf/v23_j4.pdf
• Stress saving small amounts over
long time horizons which makes
goal attainment more feasible
14. Characteristics of
Successful Savers
•
•
•
Grinstead et al. (2011) study of IDA
program participants in American
Dream Demonstration
Implications
• Learning needs vary. If resources
allow, financial education should
About 4 of 5 low-income working
be tailored and individualized (e.g.,
families are “asset poor” with < 3
financial coaching)
months expenses at the federal poverty
level to survive a financial crisis
• Peer financial counseling is a lowcost option to savings coaches
Hours of participation in financial
education program, higher matched
•
cap, prior use of a savings account, and
greater educational attainment were
•
associated with greater likelihood of
savings and saving goal achievement
http://www.afcpe.org/assets/pdf/vol_22_issue_2
_grinstead_mauldin_sabia.pdf
High match rates and match caps
motivate people to save
Provide a link between people’s
saving goals and financial
education content
15. Characteristics of
Successful Savers
• Hogarth & Anguelov (2003) study
of savings by low-income
households, SCF data
Implications
• Even poor households can save
although amount is low; people at all
income levels were savers
• Ability to save was associated
with socioeconomic (e.g., income)
• Poor households could still probably
& demographic (e.g., education)
not meet short-term emergencies
characteristics, expectations (e.g.,
about future income), motivations
• Hispanics were more likely to be
(e.g., a reason to save), access to
savers than White households in
resources, & institutional
this study; not always the case
environment (e.g., credit checks
• Expectations and motivations matter
on potential depositors)
• 60% of households at or below
poverty level indicated they saved
http://www.afcpe.org/assets/pdf/vol1411.pdf
• Support policies and programs that
promote saving
17. Savings Barrier:
Scarcity of Attention
• Urgent current expenses trump
saving for future priorities
• Scarcity engrosses people in
current needs
• If financially distressed: less
mental capacity to address
problems & future goals
Implications
• Automated savings
• Auto escalation (e.g., Save More
Tomorrow)
• Form 8888 for automatic tax refund
savings
• www.futureme.org (send e-mail to
• Eldar Shafir (Princeton): Why
your future self)
Having Too Little Means So Much:
http://money.cnn.com/2013/12/01/lead
•
ership/saving-money.moneymag/
Target-date lifecycle funds
18. Savings Barrier:
Exponential Growth Bias
• “Tendency to linearize exponential
functions when assessing them
intuitively”
– People severely underestimate
how much interest they earn on
savings or pay on credit cards
• Biased people borrow more, save
less, and favor shorter maturities
• Stango, V. and Zinman, J. (2009),
Exponential Growth Bias and
Household Finance. The Journal of
Finance, 64: 2807–2849.
Implications
• Teach The Rule of 72 so people
understand “doubling periods”
• Use hands-on activities to
illustrate the effects of compound
interest on debt and savings
– http://rci.rutgers.edu/~boneill/assignm
ents/sliderule1.html
– http://rci.rutgers.edu/~boneill/assignm
ents/sliderule2.html
19. Savings Resource:
Visualizing the Future
• People need to visualize the future
impact of their savings
• Many people are not good with
long-term decisions
• Hal Hershfield (NYU) et al.: people
save more money after being
shown digitally altered pictures of
themselves at older age
• http://www.marketingpower.com/ab
outama/documents/jmr_forthcomin
g/increasing_saving_behavior.pdf
Implications
• Show people what they could look
like:
– http://faceretirement.merrilledge.com/
– http://in20years.com/
•
Show people how much money
they can lose by not saving:
http://rci.rutgers.edu/~boneill/assignments/s
liderule2.html
20. Savings Resource: Workplace
Savings Planning Aids
• Lusardi et al. study: simplifying the
process of enrolling in employer plan
motivates employees to save
• Used flyer that broke the process
down into 7 steps and video program
• 56% increase in election behavior
within 30 days of viewing
communication programs vs.
employees not exposed to them
• Differences were sustained after 60
and 90 days
•
http://www.nefe.org/Portals/0/WhatWeProvide/
PrimaryResearch/PDF/DartmouthStudy.pdf
Implications
• Design initiatives that overcome
barriers to save
• Make “how to” information
“sticky”
• Break down financial
recommendations to save into
“baby steps”
• Develop videos that feature
actors from the target audience
being reached
21. Savings Resource:
Future Forecasts
• People are motivated to save by
knowing how much income they
can withdraw from 401(k) in
retirement
Implications
• Study by Gopi Shah Goda
(Stanford) et al.: Workers who
received brochure showing
increased income from increased
savings saved $1,150/year more
than those that didn’t get pamphlet
• Use retirement income calculator
tools such as
http://www.bankrate.com/calculat
ors/retirement/retirement-planincome-calculator.aspx and
http://money.cnn.com/calculator/r
etirement/retirement-need/
• http://crr.bc.edu/wpcontent/uploads/2013/04/IB_13-4508.pdf (projections help to
overcome tendency to
procrastinate)
• Lobby employers or plan
providers for personalized
retirement income projections
• Translate savings RATES into
savings INCOME
22. Savings Resource:
Prize Linked Savings (PLS)
• People are more likely to save
when offered the chance to win
cash or prizes
• PLS products more effective at
inducing savings than standard
interest-bearing accounts offering
the same expected return
• Controlled experiment by FilizOzbay (U of Maryland) et al.:
http://www.nber.org/papers/w19130
http://econweb.umd.edu/~ozbay/savings.pdf
Implications
• Combine features of savings and a
lottery, especially for low-income
people who spend a high % of
income on lottery tickets and view
lotteries as a form of financial
planning (not necessarily irrational)
• Resources:
http://www.savetowin.org/
http://saveyourrefund.launchrock.com/
http://www.d2dfund.org/
http://blogs.wsj.com/economics/2013/06/21/promi
se-of-prizes-helps-people-save/
23. More About PLS Programs
• Savings account that pools some of the interest from all
depositors (or uses sponsorship funds) and pays out a big
lottery prize every month or so
• Combines the thrill of a lottery with the safety of a savings
account
• A “no-lose lottery” because depositors have a chance to win
but can’t lose their deposited savings
• In 2009, Americans spent $58 billion on lottery tickets; about
$200 per person
• In all but a few states, PLS is illegal
– Big obstacle: state-run lotteries
http://freakonomics.com/2010/11/18/freakonomics-radio-could-a-lottery-be-theanswer-to-americas-poor-savings-rate/
24. Savings Resource: Understanding
the Impact of Compounding
• When shown the positive effect of
long-term compounding, people
were motivated to increase their
savings
Implications
• People incorrectly assume that
savings grows linearly rather than
exponentially
• “Recency bias” of current low
interest on savings doesn’t help
• Median estimate of what account
balance would be was < 10% of
what it would be after 40 years
with a given rate of return
•
http://www.scribd.com/doc/76254607/Mis
understanding-Savings-GrowthImplications-for-RetirementSavingsBehavior
• People have a hard time
grasping the concept of
exponential growth in savings
• Need to provide hands-on
experience with savings growth
– Time Value of Money Problems:
http://rci.rutgers.edu/~boneill/present
ations/index.html
– CEE Compound Interest Calculator:
http://www.econedlink.org/interactive
s/index.php?iid=2&type=educator
25. Savings Resource:
Text Messages
• Karlan et al. (Yale): conducted
experiments with text messages
• Even low-income bank customers
managed to save part of their
income when nudged by regular
text messages
• “Reminders will be more effective
when they increase the salience
of a specific expenditure”
• http://karlan.yale.edu/p/Top-ofMind-April2010.pdf
Implications
• Regular “nudges” can motivate
people to save
• Text messages are an effective
motivational tool
• Reinforce the connection between
saving and specific financial goals
• Brain studies: imaging a future
goal is almost as powerful a “zing”
as achieving it (e.g., buying a car)
27. The Power of Social Norms
• Goldsten et al, (2008) study of
social norms to change behavior;
experiment about environmental
conservation program in hotels
• Telling people “the majority of
guests reuse their towels” proved
superior to traditional appeals used
by hotels that focus solely on
environmental protection benefits
• Even more superior results for the
setting that closely matched
participants’ immediate
circumstances (“the majority of
guests in this room reuse their
towels”)
• http://www.carlsonschool.umn.edu/
assets/118359.pdf
Implications
• Provide positive financial frames of
reference such as % of employees
participating in an employer’s
retirement savings plan
• Provide relevant research findings
about financial behaviors of
Americans
• Use the “Wealth Test” from The
Millionaire Next Door: formula
based on age and income:
http://www.bauer.uh.edu/drude/Net
.Worth.Worksheet.pdf
28. The Marshmallow Test: Delayed
Gratification and Self-Control
Implications
• Mischel et al. study of delayed
gratification (late 1960s/early 1970s) • When people are put in situations
where they trust in a clearly
• 4-year old children offered a choice
defined long-term gain, they are
between one small reward now or 2
more likely to pursue it
rewards if they waited 15 minutes
• Willpower appears to breed longterm success in life (strategic
• Children who waited had better life
reasoning skills and trust too?)
outcomes including higher SAT
scores and scholastic performance, • Teach long-term gains of saving
less substance abuse, fewer
behavior problems, and better social • Develop learning activities that
encourage people to develop
skills and stress coping skills
willpower
http://harbaugh.uoregon.edu/Readings/UGBE/Mi
schel%201989%20Science,%20Delay%20of%20
Gratification.pdf
• Foster trust by learners
29. IDA Program Research
• Matched savings program for
income-eligible individuals and
families to buy a home, pay for
education, or start/expand a
business; operated by government
or non-profit agencies:
http://cfed.org/programs/idas/ida_basics/
• Often a 50 cent/$1 or $1/$1 match
• IDA programs include a financial
education component
• Effects of financial education level
off after 12 hours:
http://econpapers.repec.org/paper/wpawuwp
he/0108001.htm
• Those who successfully complete
IDA program have higher levels of
asset ownership than dropouts:
http://www.joe.org/joe/2009december/rb3.php
Implications
• Financial education has been
found to have a large effect on
savings outcomes in IDA programs
• IDA matching is a powerful
incentive to save
• Financial education should
compliment institutional structures
like IDA programs that foster
saving (“teachable moment”):
http://www.urban.org/UploadedPD
F/311224_financial_literacy.pdf
• Encourage qualified individuals to
find supportive community savings
programs
30. America Saves Sound Bite: Not
Just a Slogan but Saving
Strategies Informed by Research