Insight: INDIVIDUAL AND HOUSEHOLD INFLUENCES ON FINANCIAL DECISION-MAKING
By Insiya Hussain
IDEAS IN THE INSIGHT YOU CAN PUT INTO ACTION
This Insight helps retirees and financial advisors better understand key individual and household determinants of retirement savings and financial decision-making. The three articles covered in this Insight examine: (a) how individuals react to lump-sum wealth versus equivalent monthly incomes, (b) the dynamics of financial decision-making in couples, and (c) the role of medical expenses in savings decisions among the elderly. Together, these articles can help financial decision-makers and their advisors develop greater awareness of key factors driving retirement investment decisions and better plan for the future. For instance, policymakers and financial institutions can use this insight to present retirement information to people in a way that encourages greater savings, to project how couples are likely to save and invest, and to plan retirement savings based on expected medical expenses in old age.
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About the Author
Insiya Hussain, PhD is an Assistant Professor of Management at the University of Texas at Austin McCombs School of Business. Her research has been published in leading academic journals and practitioner outlets, and she serves on the editorial boards of several academic journals. Prior to academia, Dr. Hussain worked at J.P. Morgan’s investment bank and as a project manager at technology companies. She received her Bachelor’s degree in Economics from Columbia University and her PhD in Organizational Behavior from the University of Maryland.