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Measuring Delay Discounting in Humans Using an Adjusting Amount Task
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Saving Regret and Procrastination.

Axel Börsch-Supan1,2,3, Tabea Bucher-Koenen4,5,1, Michael D Hurd6,3,7

  • 1Munich Center for the Economics of Aging at the Max Planck Institute for Social Law and Social Policy, Munich, Germany.

Journal of Economic Psychology
|March 6, 2023
PubMed
Summary
This summary is machine-generated.

Many older adults regret not saving more for retirement, with 58% expressing saving regret. Factors like marital status, age, health, and wealth influence this sentiment, not procrastination.

Keywords:
D14D15D83D84D91Retirement savingprocrastinationregretuncertainty

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Area of Science:

  • Behavioral Economics
  • Retirement Planning
  • Gerontology

Background:

  • A significant portion of retirement income relies on personal savings.
  • Many individuals face insufficient financial resources upon retirement.
  • Understanding the factors contributing to inadequate retirement savings is crucial.

Purpose of the Study:

  • To define and measure "saving regret" (the wish to have saved more earlier).
  • To identify determinants of saving regret in older U.S. households.
  • To explore the relationship between saving regret and procrastination.

Main Methods:

  • Survey of U.S. households with respondents aged 60-79.
  • Quantitative measurement of saving regret.
  • Analysis of correlations between saving regret and personal characteristics, wealth, and procrastination traits.

Main Results:

  • A high prevalence of saving regret was observed, with 58% of respondents affirming it.
  • Saving regret was inversely correlated with being married, older, healthier, and wealthier.
  • Weak correlations were found between saving regret and procrastination traits.

Conclusions:

  • Saving regret is a widespread phenomenon among older Americans.
  • Personal circumstances and financial well-being are key predictors of saving regret.
  • Procrastination appears to have minimal influence on the experience of saving regret.