A new study has found that one difficulty workers saving for retirement have in judging whether they’re on track is that they could be under the “illusion of wealth” or, conversely, under the “illusion of poverty.”
The study, “The Illusion of Wealth and Its Reversal,” published in the Journal of Marketing Research, found that the format in which information is presented affects an individual’s perception of wealth (or poverty).
Currently in the U.S., the paper finds, a third of nonretired households have no retirement savings, and half aren’t putting enough away to support them in retirement at their current rate of consumption.
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