Are households saving enough for a secure retirement?
Abstract: The recent rise in the personal saving rate has been interpreted as a sign that consumers are paying down their debt and repairing the damage done to their nest eggs. But a close analysis suggests that many people are falling short of saving what they will need to maintain their standard of living in retirement. A growing body of research in behavioral economics, a branch of economics that studies the choices people make at the individual level, offers explanations for why that is, as well as new approaches to the problem.
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Henry, LaVaughn M
Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 2013
Issue: OctOrder Number: 12