PhD defence Y. (Yadi) Yang

Below is a brief summary of the dissertation:

As countries worldwide shift from traditional workplace pensions to individual retirement plans, everyday people must now make complex financial choices. This dissertation uses behavioral insights to look at how a person's life goals and personal motivations shape their retirement decisions.

Specifically, the research looks at three areas:

Investment choices: People with ambitious, growth-oriented goals are much more likely to choose riskier, high-reward investment products for their retirement savings.

Retirement timing: Individuals who are highly focused on leisure and personal growth tend to retire earlier, even if it means accepting a permanent cut to their monthly pension income.

Sustainable investing: Personal motivations dictate whether people prefer to invest in funds that actively support positive causes (like green energy) or funds that simply block harmful industries (like tobacco).

Together, these findings show that retirement choices are not just driven by logic or math, but by deeply personal motivations. By understanding what truly drives people, pension providers and policymakers can design retirement systems that are easier to navigate. This will help individuals make choices that truly align with their personal goals and secure their financial future.