Retirement Saving and Spending Over the Lifecycle - ACTL3192
Faculty: UNSW Business School
School: School of Risk and Actuarial Studies
Course Outline: ACTL3192 Course Outline
Campus: Sydney
Career: Undergraduate
Units of Credit: 6
EFTSL: 0.12500 (more info)
Indicative Contact Hours per Week: 3
Enrolment Requirements:
Prerequisites: ACTL2111 or ACTL2131
Equivalent: ECON3117
Excluded: ACTL5306, ECON3117, ECON5136
CSS Contribution Charge: 3 (more info)
Tuition Fee: See Tuition Fee Schedule
Further Information: See Class Timetable
Description
This course examines saving and spending decisions by individuals and households over the lifecycle in the context of national retirement savings and incomes policies. We examine the economic and financial risks facing individuals and product providers, as well as behavioural explanations for deviations from economic rationality and the lifecycle model.
Topics covered include: a taxonomy of the lifecycle; lifecycle theories of consumption and saving; investment strategy, human capital and the retirement decision: risks facing individual retirees and providers of retirement income products (investment risk, longevity risk, interest rate risk, inflation risk, replacement risk); market failure in the retirement benefit market; behavioural explanations for non-rational behaviour including myopia, procrastination, mental accounting, complexity, framing, loss aversion etc.
Topics covered include: a taxonomy of the lifecycle; lifecycle theories of consumption and saving; investment strategy, human capital and the retirement decision: risks facing individual retirees and providers of retirement income products (investment risk, longevity risk, interest rate risk, inflation risk, replacement risk); market failure in the retirement benefit market; behavioural explanations for non-rational behaviour including myopia, procrastination, mental accounting, complexity, framing, loss aversion etc.