UCLA Anderson’s Shlomo Benartzi, a leading authority on behavioral finance and participant behavior in retirement savings plans, took to Scientific American online to trumpet an impending U.S. disaster: retirement. His op-ed, “How Mobile Phones Can Solve The Retirement Savings Crisis,” outlines his roadmap to financial salvation, an app that allows users to automatically send cash to their retirement savings account every month.
As he writes in the post, “The numbers are stark: according to the National Institute on Retirement Security, the median U.S. household near retirement has saved $12,000. If you and your spouse did nothing else except share a Starbucks cappuccino every morning, the money would still not last throughout retirement.”
The op-ed is part of Scientific American’s special series running during the Summit on Global Agenda.