Responding to the Downturn: How Does Information Change Behavior?
The brief’s key findings are:
- Over 40 percent of respondents to a 2009 CRR survey planned no response to the financial crisis.
- But after it was made clear that their only options are to save more, work longer, or spend less in retirement, most opted to alter saving or work plans.
- Those who changed had greater needs in retirement, a history of high saving, and/or had not thought a lot about the downturn.