Welcome to the Academy of Financial Service’s 2019 Annual Meeting being held in Minneapolis, Minnesota in conjunction with FPA’s Annual Conference 2019. This is the full agenda for AFS. For details on FPA items, visit their Full Schedule. Please report any errors to support@academyfinancial.org.
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Tuesday, October 15 • 10:30am - 11:20am
B1a Using Behavioral Prompts to Improve Saving and Investment Decisions [CFP Behavioral Finance]

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The objective of this research is to enhance understanding of the behavioral biases that may adversely impact younger generations’ financial outcomes.  Research based on national survey data suggests that differences in overconfidence, financial literacy, risk preferences, and present bias all impact saving and investment decisions.  In an incentivized laboratory experiment, subjects make investment and asset allocation decisions over a meaningful time horizon.  We test the efficacy of alternative behavioral prompts to motivate optimal saving decisions. Specifically, we consider the effects of invoking the future self, setting goals in advance, and accessing professional or peer advice.  A major contribution of this research is that we control for idiosyncratic time preferences, risk tolerance, overconfidence and financial literacy when studying the impact of various interventions.

Author(s): Vickie Bajtelsmit, Jennifer Coats

avatar for Vickie Bajtelsmit, PhD

Vickie Bajtelsmit, PhD

Professor, Colorado State University

Tuesday October 15, 2019 10:30am - 11:20am CDT
201 A

Attendees (7)