Articlebronze2017

Behaviorally informed policies for household financial decisionmaking

Brigitte C. Madrian · Hal Ersner-Hershfield · Abigail B. Sussman · Saurabh Bhargava · Jeremy Burke · Scott A. Huettel +6 more

16 citations0/0 files storedBehavioral Science & Policy

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Financial Literacy and Behavior

Abstract

report 28 behavioral science & policy | volume 3 issue 1 2017A t the end of the first quarter of 2016, U.S. households held $102.6 trillion in assets: $71.1 trillion in financial assets and $31.5 trillion in tangible assets, mostly real estate.Offsetting these were $14.5 trillion in household liabilities, mostly home mortgages ($9.5 trillion) and credit card debt and other loans ($3.5 trillion).1 These statistics are the aggregations of the myriad decisions that individuals and households make almost every day: how much to spend versus save, whether to pay with cash or credit, how to invest, whether to rent or own a home, what type of mortgage to choose, how much and what types of insurance to get, whether to attend college and how to finance it, whether to pay bills in full and on time, whether to claim social welfare benefits, how much to work and earn, and so on.These decisions are made amid an array of regulations meant to shepherd the U.S. economy fairly and efficiently.The alphabet soup of federal organizations that oversee these economic activities includes the Consumer Financial Protection Bureau (CFPB), the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC), the Department of Housing and Urban Development (HUD), the Securities and Exchange Commission (SEC), the Department of Labor (DOL), the Department of Education (DOE), the Department of Health and Human Services (HHS), the Social Security Administration (SSA), and the Internal Revenue Service (IRS).With a workforce of over 4 million people, 2 the federal government also plays an important role as an employer.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1992Advances in prospect theory: Cumulative representation of uncertainty 1998Are Investors Reluctant to Realize Their Losses?1985The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence 2014Emotion and Decision Making 2001The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior 2011Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?*

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