Titlebook: Understanding Consumer Financial Behavior; Money Management in W. Fred Raaij Book 2016 The Editor(s) (if applicable) and The Author(s) 201

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Pension Plans and Retirement Provisionstopic and do not save enough for their retirement. This may be due to their time preference, especially present bias, because retirement is far away in the future. Causes and effects of postponement of retirement saving are discussed. The main question is how this can be improved in the consumers’ a

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Tax Behavior: Compliance and Evasiony, taxpayers and the tax authority play the “cops and robbers” power game of distrust, policing, and control. A modern approach is the “clients and services” approach with more trust between parties. The tax authority may provide pre-filled-out tax declarations and other services to taxpayers. Equit

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Victims of Financial Fraudmenon and many people will become victims of financial fraud during their life, for instance, pyramid games and other investment fraud. Internet fraud such as phishing is growing and is becoming more sophisticated and more difficult to stay away from. This chapter can be read in combination with cha

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Responsible Financial Behaviore have low financial literacy (knowledge and skills) levels, and this is a cause of many mistakes and lack of appropriate actions, for instance, saving enough for retirement. Financial education may be a solution, but other ways to get around the financial illiteracy problem of consumers involve fin

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Time Preferenceave a duration of 20–40 years. Saving and investing are financial behaviors directed toward the future. Some people are more present-time and others more future-time oriented. Time preference is the preference for spending now (present bias) or for saving for future spending (chapter 3) and for reti