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Retirement calculators are a common and accessible way to help individuals plan for their future. However, retirement calculators are diverse in their design. Each calculator has a unique way to share and frame the information to users. Furthermore, many freely available calculators serve a dual purpose in motivating users to further utilize additional products and services offered by the same provider. This casts ambiguity on what incentives drive the design of retirement calculators, the extent to which these bias the information, and how that information shapes or changes individuals’ decision-making processes. This second study on retirement calculators and projections will investigate the impact of different graphical representations of the retirement projections (bar charts of estimated results versus target results OR line charts showing retirement account balance over time) and framing of the results (how many years money will last OR how much money could be spent in years of retirement). The study will be conducted on a survey platform. Study participants will input information regarding their retirement savings and goals, and the survey will present the results according to the assigned graphical representation and framing. Participants will be asked a series of questions on presented results, in addition to information on their risk tolerance, numeracy and demographics. Participants will also be shown the calculator results of a character and asked how they interpret the results; this vignette will be used to help compare results between participants which may have very different retirement plans and savings amounts. |
