Behavioral Economics in Life Insurance and Pensions (08/12/2022) (16h00 - 18h00) (2 CPD)
Topic of the presentation :
During this talk we want to bring you to the world of behavioral economics and how this has been applied to obtain valuable information of individuals to design retirement products that are good for them and are interested to buy.
The switch from defined-benefit to defined-contribution has put more responsibility in individuals to make decisions on financial matters.
However, they have difficulties making these decisions. Considering nudges (e.g. informing about how the peers or government expect that they use their wealth), defaults (e.g. you save more unless you explicitly want the contrary) and information provision (e.g. let individuals “play around” with a retirement calculator) have proven valuable policy tools for individuals to make rational choices.
Using results from (cross-country) experimental surveys we find that individuals care about abstract goals more than concrete saving motives, they think more on the short term, worry about their healthcare expenditures during retirement and about enjoying retirement.
Prof. Dr. Jennifer ALONSO GARCIA, Université Libre de Bruxelles
Some practical information:
One day before the websession, you will receive a reminder with the link needed to participate in the websession.
In case of any question, please contact us.