How Can Customized Information Change Financial Plans?
The brief’s key findings are:
- A 2009 CRR survey measured initial reactions to the financial crisis and then gave respondents customized advice on how to offset their losses.
- In response, some individuals adjusted their plans to make them more reasonable.
- More than 40 percent decided to save more and/or work longer.
- About 25 percent reduced their planned increase in worklife.
- One third did not respond to the advice; they tended to be older and to have more adequate assets, suggesting less flexibility or desire to change plans.