TY - GEN
T1 - Informing and improving retirement saving performance using behavioral economics theory-driven user interfaces
AU - Gunaratne, Junius
AU - Nov, Oded
N1 - Publisher Copyright:
© Copyright 2015 ACM.
PY - 2015/4/18
Y1 - 2015/4/18
N2 - Can human-computer interaction help people make informed and effective decisions about their retirement savings? We applied the behavioral economic theories of endowment effect and loss aversion to the design of novel retirement saving user interfaces. To examine effectiveness, we conducted an experiment in which 487 participants were exposed to one of three experimental user interface designs of a retirement saving simulator, representing endowment effect, loss aversion and control. Users made 34 yearly asset allocation decisions. We found that designs informed by the endowment effect and loss aversion theories and which communicated to savers the long-term implications of their asset allocation choices, led users to adjust their behavior, make larger and more frequent asset allocation changes, and achieve their saving goals more effectively.
AB - Can human-computer interaction help people make informed and effective decisions about their retirement savings? We applied the behavioral economic theories of endowment effect and loss aversion to the design of novel retirement saving user interfaces. To examine effectiveness, we conducted an experiment in which 487 participants were exposed to one of three experimental user interface designs of a retirement saving simulator, representing endowment effect, loss aversion and control. Users made 34 yearly asset allocation decisions. We found that designs informed by the endowment effect and loss aversion theories and which communicated to savers the long-term implications of their asset allocation choices, led users to adjust their behavior, make larger and more frequent asset allocation changes, and achieve their saving goals more effectively.
KW - Behavior change
KW - Behavioral economics
KW - Financial literacy
KW - Personal finance
KW - Persuasive technology
KW - Retirement saving
UR - http://www.scopus.com/inward/record.url?scp=84951098830&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84951098830&partnerID=8YFLogxK
U2 - 10.1145/2702123.2702408
DO - 10.1145/2702123.2702408
M3 - Conference contribution
AN - SCOPUS:84951098830
T3 - Conference on Human Factors in Computing Systems - Proceedings
SP - 917
EP - 920
BT - CHI 2015 - Proceedings of the 33rd Annual CHI Conference on Human Factors in Computing Systems
PB - Association for Computing Machinery
T2 - 33rd Annual CHI Conference on Human Factors in Computing Systems, CHI 2015
Y2 - 18 April 2015 through 23 April 2015
ER -