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For instance, knowing that he most probably experiences present bias creates a mental set that would lead to more saving for retirement and less indul...
Recognition and Elimination of Biases
Human beings by nature have biases. And to begin the process of implementing the phases of retirement planning ...
Herd Mentality: There are many investors who follow trends or imitate the action without understanding the reasoning behind the decision. They may buy...
Loss Aversion: There is more fear of losing than desire for gains. This means that very conservative investment strategies will be followed, which may...
Present Bias. People naturally orient themselves more toward short-term pleasures than toward long-run rewards. This can cause people to save too litt...
Most Common Behavioural Biases in Retirement Planning
It is helpful to recall some of the more typical biases with which most decision-makers are lik...
The thing is, a living person behaves just like that. In most cases, decisions may be explained by some bias, sentiment, or social influence. Behaviou...
What is Behavioural Finance?
Behavioural finance refers to studies upon psychological factors in the decision-making process about financial matters....
However, personal biases and emotions inject a wedge into the process of decision-making, leading to less-than-optimal financial decisions. It is wher...
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