TIAA Institute and Pension Research Council Showcase New Research on Financial Decision-Making

Originally Published by TIAA.

The TIAA Institute and the Pension Research Council (PRC) of the University of Pennsylvania’s Wharton School released new research on the psychology, reasoning, biases and behavioral factors that affect how people make important financial and retirement decisions.


The new studies showcased during the TIAA Institute Fellows Symposium include key findings around whether older investors are more likely to receive and accept conflicted financial advice, and considerations of debt and financial vulnerability.

“Making financial decisions can be overwhelming,” said Stephanie Bell-Rose, Head of the TIAA Institute. “The studies released build on existing knowledge and provide critical insights about behavioral factors that influence financial decision- making. The insights gained from this research expand our understanding of how people can achieve financial well-being and make better financial decisions.”

“These projects have generated valuable new insights into how people make retirement saving, investment, and de-accumulation decisions,” said Olivia S. Mitchell, Director of Wharton’s Pension Research Council. “They are helping inform financial advisors on factors driving decisions critical to retirement security.”The following research was released during today’s Symposium:

  • “Effects of Positive Memory Retrieval on Intertemporal Choice in Older Adults First Year Report,” by Joseph W. Kable, Karolina Lempert, David Wolk
  • “Household Investment Puzzles and Probability Weighting,” by Stephen Dimmock, Roy Kouwenberg, Olivia S. Mitchell, Kim Peijnenburg
  • “Behavioral Factors and Long-run Financial Well-being,” by Victor Stango, Jonathan Zinman

Shai Akabas, Director of Economic Policy at the Bipartisan Policy Center, and Sandy Baum, Nonresident Fellow in the Education Policy Program at the Urban Institute and professor emerita of economics at Skidmore College delivered keynote addresses.

To view the reports from the symposium in full, please click here.

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