Extending Working Life in the NHS – Opportunities, Challenges and Prospects Work and Retirement Decision-making – The need for a broader perspective on choice architecture.

Andrew Weyman, Deborah Roy

Research output: Contribution to conferencePoster

21 Downloads (Pure)

Abstract

Arguably the key finding on pension investment and retirement decision making is that most UK citizens are not active planners. Rather, they are more disposed to react to options they are presented with. Although there is almost universal acceptance of the need to make financial provision for retirement, there is significant inertia and reticence over active engagement. Most people have limited knowledge or understanding of options or their implications and those are motivated to engage tend to become bewildered by the complexity and unknowable elements. People are also being asked to make their choices against a background of unprecedented (in the post WW2 period) flux and fluidity in employer and State pension arrangements. Recent rises in State pension age, the prospect of further rises, combined with high profile media reporting of pension failures, tends to interpreted as a system in crisis. Potentially corrosively, there is a risk that the associated uncertainty may feed latent procrastination and inertia, to further inhibit already weak motivations to engage in saving for tomorrow (Pettigrew, et al, 2007; Wicks and Horack, 2009); rather than strengthen motivation to plan. The UK Government’s auto-enrolment pension scheme goes some way towards addressing this, but there are questions over whether its voluntary nature and realised pension value will prove to be sufficient to be meaningful and the impact of planned rises in employee contributions on opt-out rates.
Original languageEnglish
Publication statusPublished - 20 Jun 2017
Event13th International Conference on Naturalistic Decision Making (NDM13) - Usiversity of Bath, Bath, UK United Kingdom
Duration: 20 Jun 201723 Jun 2017
http://50years.bath.ac.uk/story/event/international-conference-on-naturalistic-decision-making/

Conference

Conference13th International Conference on Naturalistic Decision Making (NDM13)
CountryUK United Kingdom
CityBath
Period20/06/1723/06/17
Internet address

Fingerprint

Pensions
Retirement
Decision making
Inertia
Pension scheme
Employers
Government
Uncertainty
Procrastination
Enrollment
Second World War
Acceptance
Employees

Cite this

Weyman, A., & Roy, D. (2017). Extending Working Life in the NHS – Opportunities, Challenges and Prospects Work and Retirement Decision-making – The need for a broader perspective on choice architecture.. Poster session presented at 13th International Conference on Naturalistic Decision Making (NDM13), Bath, UK United Kingdom.

Extending Working Life in the NHS – Opportunities, Challenges and Prospects Work and Retirement Decision-making – The need for a broader perspective on choice architecture. / Weyman, Andrew; Roy, Deborah.

2017. Poster session presented at 13th International Conference on Naturalistic Decision Making (NDM13), Bath, UK United Kingdom.

Research output: Contribution to conferencePoster

Weyman, A & Roy, D 2017, 'Extending Working Life in the NHS – Opportunities, Challenges and Prospects Work and Retirement Decision-making – The need for a broader perspective on choice architecture.' 13th International Conference on Naturalistic Decision Making (NDM13), Bath, UK United Kingdom, 20/06/17 - 23/06/17, .
Weyman A, Roy D. Extending Working Life in the NHS – Opportunities, Challenges and Prospects Work and Retirement Decision-making – The need for a broader perspective on choice architecture.. 2017. Poster session presented at 13th International Conference on Naturalistic Decision Making (NDM13), Bath, UK United Kingdom.
Weyman, Andrew ; Roy, Deborah. / Extending Working Life in the NHS – Opportunities, Challenges and Prospects Work and Retirement Decision-making – The need for a broader perspective on choice architecture. Poster session presented at 13th International Conference on Naturalistic Decision Making (NDM13), Bath, UK United Kingdom.
@conference{b7122e789a0e4ddca7ecbd30640d45a9,
title = "Extending Working Life in the NHS – Opportunities, Challenges and Prospects Work and Retirement Decision-making – The need for a broader perspective on choice architecture.",
abstract = "Arguably the key finding on pension investment and retirement decision making is that most UK citizens are not active planners. Rather, they are more disposed to react to options they are presented with. Although there is almost universal acceptance of the need to make financial provision for retirement, there is significant inertia and reticence over active engagement. Most people have limited knowledge or understanding of options or their implications and those are motivated to engage tend to become bewildered by the complexity and unknowable elements. People are also being asked to make their choices against a background of unprecedented (in the post WW2 period) flux and fluidity in employer and State pension arrangements. Recent rises in State pension age, the prospect of further rises, combined with high profile media reporting of pension failures, tends to interpreted as a system in crisis. Potentially corrosively, there is a risk that the associated uncertainty may feed latent procrastination and inertia, to further inhibit already weak motivations to engage in saving for tomorrow (Pettigrew, et al, 2007; Wicks and Horack, 2009); rather than strengthen motivation to plan. The UK Government’s auto-enrolment pension scheme goes some way towards addressing this, but there are questions over whether its voluntary nature and realised pension value will prove to be sufficient to be meaningful and the impact of planned rises in employee contributions on opt-out rates.",
author = "Andrew Weyman and Deborah Roy",
year = "2017",
month = "6",
day = "20",
language = "English",
note = "13th International Conference on Naturalistic Decision Making (NDM13) ; Conference date: 20-06-2017 Through 23-06-2017",
url = "http://50years.bath.ac.uk/story/event/international-conference-on-naturalistic-decision-making/",

}

TY - CONF

T1 - Extending Working Life in the NHS – Opportunities, Challenges and Prospects Work and Retirement Decision-making – The need for a broader perspective on choice architecture.

AU - Weyman, Andrew

AU - Roy, Deborah

PY - 2017/6/20

Y1 - 2017/6/20

N2 - Arguably the key finding on pension investment and retirement decision making is that most UK citizens are not active planners. Rather, they are more disposed to react to options they are presented with. Although there is almost universal acceptance of the need to make financial provision for retirement, there is significant inertia and reticence over active engagement. Most people have limited knowledge or understanding of options or their implications and those are motivated to engage tend to become bewildered by the complexity and unknowable elements. People are also being asked to make their choices against a background of unprecedented (in the post WW2 period) flux and fluidity in employer and State pension arrangements. Recent rises in State pension age, the prospect of further rises, combined with high profile media reporting of pension failures, tends to interpreted as a system in crisis. Potentially corrosively, there is a risk that the associated uncertainty may feed latent procrastination and inertia, to further inhibit already weak motivations to engage in saving for tomorrow (Pettigrew, et al, 2007; Wicks and Horack, 2009); rather than strengthen motivation to plan. The UK Government’s auto-enrolment pension scheme goes some way towards addressing this, but there are questions over whether its voluntary nature and realised pension value will prove to be sufficient to be meaningful and the impact of planned rises in employee contributions on opt-out rates.

AB - Arguably the key finding on pension investment and retirement decision making is that most UK citizens are not active planners. Rather, they are more disposed to react to options they are presented with. Although there is almost universal acceptance of the need to make financial provision for retirement, there is significant inertia and reticence over active engagement. Most people have limited knowledge or understanding of options or their implications and those are motivated to engage tend to become bewildered by the complexity and unknowable elements. People are also being asked to make their choices against a background of unprecedented (in the post WW2 period) flux and fluidity in employer and State pension arrangements. Recent rises in State pension age, the prospect of further rises, combined with high profile media reporting of pension failures, tends to interpreted as a system in crisis. Potentially corrosively, there is a risk that the associated uncertainty may feed latent procrastination and inertia, to further inhibit already weak motivations to engage in saving for tomorrow (Pettigrew, et al, 2007; Wicks and Horack, 2009); rather than strengthen motivation to plan. The UK Government’s auto-enrolment pension scheme goes some way towards addressing this, but there are questions over whether its voluntary nature and realised pension value will prove to be sufficient to be meaningful and the impact of planned rises in employee contributions on opt-out rates.

M3 - Poster

ER -