Retirement Saving and Spending over the Lifecycle - ECON3117

Faculty: UNSW Business School

School: School of Economics

Course Outline: ECON3117 Course Outline

Campus: Sydney

Career: Undergraduate

Units of Credit: 6

EFTSL: 0.12500 (more info)

Indicative Contact Hours per Week: 3

Enrolment Requirements:

Pre-req : ECON2101 or ACTL2131 or ACTL2111 or (completed at least 84UOC and enrolled in program 3155, 3502, 3554, 4501, 3558, 3593, 3835, 3967, 3568, 3567, 3584, 4733, 3522, 3521, 3462, 3559, 3529, 3764, 3136.

Equivalent: ACTL3192

Excluded: ACTL3192, ACTL5306, ECON5136

CSS Contribution Charge: 3 (more info)

Tuition Fee: See Tuition Fee Schedule

Further Information: See Class Timetable

View course information for previous years.


This course examines saving and spending decisions by individuals and households over the lifecycle in the context of national retirement savings and incomes policies. The lifecycle model of saving and consumption provides the basis for analysis of individual decision making before and after retirement. This is augmented with an examination of economic and financial risks facing both individuals and product providers before and after retirement. We also examine behavioural explanations for deviations from rational behaviour as predicted by the lifecycle model.

Topics covered include: a taxonomy of the lifecycle; lifecycle theories of consumption and saving; human capital and the retirement decision; risks facing individual retirees and providers of retirement income products; market failure in the retirement benefit market; and behavioural explanations for non-rational behaviour including myopia, procrastination, complexity, and framing etc.
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