A survey of Cornell faculty found the typical person spent less than half an hour choosing their asset allocation for a pension plan worth hundreds of thousands of dollars, and the most frequently consulted adviser was the clerk receiving the enrollment forms—evidence that despite incentives, people do not seek expert financial advice.

factualpending

Speaker

Richard Thaler

Evidence Quote

the most frequent person they asked advice from turned out to be the clerk who was in charge of receiving the forms

Source

Richard Thaler on Libertarian Paternalism 11/6/2006EconTalk
Created: 6/13/2026, 7:01:05 PM

My Notes

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