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Quote by Richard Thaler

“Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that.”

Author

Richard Thaler

Richard Thaler, born on September 12, 1945, is an American economist renowned for his contributions to behavioral economics. Professor Thaler is a faculty member at the University of Chicago and is considered one of the pioneers of behavioral finance. His research focuses on how human behavior influences economic decisions and how these behaviors conflict with traditional economic theories. more

“In a typical 401k plan, when you first become eligible you get a big pile of forms and you're told, fill out these forms if you want to join. Tell us how much amount you've saved and how you want to invest the money. In, under automatic enrollment you get that same pile of forms but the top page says, if you don't fill out these forms, we're going to enroll you anyway and we're going to enroll you at this saving rate and in these investments.”

Ifs Want Firsts Bigs Form Plans Amount Pages Investment Rate Saved Saving Typical Enrollment

Author:Richard Thaler

“I am too old to know how to put a naked photograph of myself on the Internet.”

Knows Know How Internet Photograph Naked

Author:Rachel Maddow

“There's a second component of a good savings plan, which is something that a colleague of mine called Schlomo Benartzi and I developed many years ago, that we call "save more tomorrow."”

Years Plans Mines Tomorrow Years Ago Saving Colleagues Components Savings

Author:Richard Thaler

“"Save more tomorrow" is a nudge to help people do what they know they want to do, which is save more, but they can't bring themselves to save more now. Just like many of us are planning to go on diets next month, or maybe in two months, certainly not tonight.”

People Knows Want Two Helping Next Months Goes On Tomorrow Planning Diets Tonight Two Months Nudge

Author:Richard Thaler