Changing Participant Behavior: A Look At Behavior Design
For nearly 15 years, the retirement plan arena has referred to the characteristics of behavioral finance to design effective retirement plans. These concepts include an understanding of the effects of inertia, fear of loss, procrastination, and more. How can you get people to sign up, save more, and make smart investment decisions? Developed by Stanford professor BJ Fogg, behavior design is a simple formula for developing technology and solutions that modify a specific behavior or series of behaviors. Join Sheri to explore the concepts behind behavior design and behavioral finance as well as their similarities and differences.