We all know that humans are not always rational, even (especially?) when it comes to money. But not everyone knows how to put the pieces together, to realize that they need to understand emotional biases and reality. This can lead to unfounded optimism about retirement and a lack of planning. The Center for Retirement Research at Boston College has put together an interactive video tool that you can use with clients to help them learn more about money behaviors and how that relates to retirement.
Curious Behaviors That Can Ruin Your Retirement is an interactive program on behavioral impediments to retirement planning. A host leads users through exercises designed to create an “Aha!” moment as they relate to the behaviors. The host then explains how the behavior can hinder retirement planning and how to cope with it. Users can then go to a “Learn More” page with additional information in various media formats.
For more great research and insightful blog posts, check out https://squaredawayblog.bc.edu.