How Can Customized Information Change Financial Plans?

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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.