Athene Explores Consumer Biases in Retirement Savings Through New Online Video Series
2019 MAR 28 (NewsRx) -- By a
“A recent survey indicates that 84 percent of respondents said receiving a monthly paycheck during retirement was important to them, yet only 14 percent of working-aged Americans have purchased an annuity,” said
The study defines 10 biases that keep consumers from purchasing annuities - including unrealistic optimism about the future and misguided assumptions about risk. Paired with the biases are solutions retirees can use to help overcome them.
“Our goal was to make these biases easy to understand and show why addressing them is crucial to long-term financial security,” said Kvalheim.
Leveraging insights from the study, the animated videos bring to life four of these biases: Don’t Discount the Future: Present Bias - The choice between immediate gratification and future rewards. Building Confidence: Fluency Bias - Electing the option that is more simply described, even if it’s riskier. History vs. Recency: Availability Bias - Look to history for investment decisions rather than recent events. Countering Overconfidence: Overconfidence Bias - Naive positivity can cloud judgment, especially when planning for the future. Watch the videos and learn more Athene’s four-part video series was produced in partnership with Wall Street Journal Custom Content. To view the video series, visit https://partners.wsj.com/athene/debunking-retirement-planning-myths/ To learn more about Athene, visit athene.com.
To download the whitepaper, financial professionals may visit http://more.athene.com/whitepaper. 1Hershfield, Hal E. and
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