Increasing retirement saving rates by debunking the "misery myth"

A majority of Americans are currently projected to be unable to maintain their pre-retirement standard of living after they retire. Increased rates of contribution to retirement savings accounts would improve this outlook considerably. The researchers hypothesize that one important barrier to increased saving is a stereotype of old age as a miserable, lonely and depressed period in life. Because taking steps to increase one’s saving rate entails at least an implicit acknowledgement that one will eventually become “old,” many people may avoid doing so to avoid the emotional disturbance that comes with this acknowledgment. The proposed research explores an intervention designed to address this barrier to adequate retirement saving by providing a more accurate—and decidedly more pleasant—picture of old age as a period in which most people take the time to focus on their important social connections, savor the things they enjoy in life and actually feel happier and experience less psychological distress than younger adults do.

After conducting preliminary studies designed to develop research materials and rule out potential confounds the researchers are currently collecting data for the larger-scale study with Stanford staff. Staff are being recruited through a combination of flyers posted in campus buildings (and on staff bulletin boards, wherever possible) and email advertising. Eighty one staff members have participated so far and the researchers plan to continue collecting data through August 2012. Data analysis is ongoing.