Procrastinating with your pension planning? You’re not alone. As behavioural economist Brad Swain explains, deciding how to get the best bang for your retirement buck can be difficult. Read how the pain of paying and the paradox of choice can affect your retirement fund – and why Odysseus (Ulysses) contracts and auto-contributions can help you along the way.
Outgoing people on low incomes are more likely to spend money on luxury goods than their introverted peers, a study by UCL has found. Extroverts spent more on “high status items” like golf, foreign air travel and electronics, said the researchers. Research by Nathalie Spencer at ING and colleagues has also linked our psychological make-up to our money skills.
Could a computer game make young people better with money? The game, Yesterday’s Tomorrow, gives players real-life scenarios - such as buying a car or paying for a wedding - that force them to make financial decisions. As they progress, players learn the long-term impact of such decisions. It’s aimed at Millennials, takes 20 minutes and can be played here