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Title:Does Hard Work Pay Off in the Long Run? The Case for Savings Nudges
Author(s):Lewis, Timothy
Contributor(s):Benjamin, Aaron S.; Roberts, Brent W.
Abstract:Conscientiousness is the most predictive of the Big Five traits in a whole host of relevant life domains. Conscientious individuals experience a multitude of positive benefits including: increased life spans, more invested social lives, improved performance in education, more successful careers and greater lifetime income. The current paper explores the rarely studied relationship between conscientiousness and the propensity to save for retirement. The study shows that conscientious individuals are in fact more likely to save for retirement. The study also discusses the savings problem from a behavioral standpoint and evaluates current strategies to combat the issue, focusing on personality interventions aimed at increasing conscientiousness, financial literacy, and behavioral economic nudges.
Issue Date:2013
Publisher:OMSA Office of Minority Student Affairs
Rights Information:Copyright 2013 Timothy Lewis
Date Available in IDEALS:2015-04-23

This item appears in the following Collection(s)

  • TRiO - Vol. 1, no.1 2013
    The TRiO McNair journal is a culmination of research conducted by student scholars and their facutly representatives through the Ronald E. McNair Scholars Program.

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