The Retirement Planning Crisis: Finding a Way Out with a Consumer Behavior Perspective

One of the most critical issues facing many industrialized countries is the lack of retirement savings among many individuals. Unfortunately, this lacking can have dire consequences for both consumers and societies in the coming years. Because of this, numerous research studies have been conducted in many disciplines such as economics, psychology, finance, and some in marketing and a number of recommendations or solutions have been made to try to address this critical issue. Yet, despite all this interest, the problem still exists and may even have become worse. In the current chapter, we examine this crisis from a consumer behavior perspective in order to derive new insights and offer additional and hopefully effective solutions to supplement previous efforts.