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Financial Planning

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Budgeting and financial planning can be difficult at any age. RAND research aims to help children, young adults, and seniors understand how to make better financial decisions and help policymakers and companies develop better financial decisionmaking tools and resources.

Multimedia
RAND Behavioral Finance Forum: Financial Security Over the Lifespan
The RAND Behavioral Finance Forum conference, held in partnership with AARP, was presented virtually in 2020. Leaders from academia, government, regulatory agencies, and industry were invited to share the latest research and exchange ideas on how to leverage behavioral principles to promote financial well-being, broadly conceived.
Feb 2, 2021
Commentary
Protecting the Elderly from Financial Exploitation
Older adults are more vulnerable to scams and more likely to have money and assets than their younger counterparts of the same race/ethnicity. Policy solutions that provide protection against financial fraud could help older adults to live more financially stable lives.
Oct 14, 2021

Explore Financial Decision Making

Commentary
Money, Markets, and Machine Learning: Unpacking the Risks of Adversarial AI
The consequences of ignoring the problem of adversarial attacks in algorithmic trading are potentially catastrophic. In a world increasingly reliant on machine learning models, the financial sector needs to shift from being reactive to proactive to ensure the security and integrity of our financial system.
Aug 31, 2023
Tool
Decoding Income Share Agreements: A Resource for Learners and Financial Aid Professionals
This tool is designed to help people figure out whether an income share agreement (ISA) is right for them. It provides information about how ISAs work, how to estimate monthly and total ISA payments, and how to weigh the benefits and risks of ISAs.
Aug 31, 2023
Report
Are Income Share Agreements a Viable Alternative to Student Loans?
Under an income share agreement (ISA), the student promises a share of their future income to a funder for a set period in exchange for money for school. ISAs have benefits, but their contract terms vary, they exist in a legal gray zone, and there are equity implications.
Aug 21, 2023
Research Brief
Understanding and supporting the financial stability of UK military families: Summary of findings and recommendations for policy and practice
This research brief summarises the findings and recommendations for policy and practice from a study looking at the prevalence and drivers of financial (in)stability among military families in the United Kingdom.
Jun 28, 2023
Report
Examining the financial stability of UK military families: An exploratory analysis
This study explores the prevalence and drivers of financial (in)stability among military families in the United Kingdom. It provides recommendations for improving policy and finance-related support based on a critical review of the support landscape.
Jun 28, 2023
Tool
RAND HRS Longitudinal File 2020 (V1) Documentation: Includes 1992-2020 (Early Release)
This tool is a cleaned, easy-to-use, and streamlined data product containing information from the Health and Retirement Study, a longitudinal household survey that facilitates research into different aspects of population aging in the United States.
Apr 13, 2023
Journal Article
Saving Regret and Procrastination
Saving regret, or the wish in hindsight to have saved more earlier in life, is widespread in older populations. Little of the variation is explained by procrastination and psychological factors. Unemployment, health, and divorce are larger factors.
Nov 23, 2022
Report
National Geospatial-Intelligence Agency Resources: Financial Management Programming Evaluation
The authors examined how the National Geospatial-Intelligence Agency has programmed its resources, focusing on the reasons for changes over time and the results of the changes.
Jun 8, 2022
Journal Article
Pathways to Retirement Among Dual Earning Couples
This paper examines the transition from full-time work to fully retired among dual earning couples, which we call joint retirement trajectories. We analyze 12 waves of the Health and Retirement Study to map out the distribution of potential pathways that couples undertake when retiring.
Apr 21, 2022
Brochure
Spotlight 2021–2022
Spotlight 2021-2022 highlights selected RAND Europe projects that address the important issues of our time. It also features research that is poised to make a difference in the coming year.
Feb 23, 2022
Commentary
When a Free Trial Is Anything But
Several strategies could help protect consumers from subscription traps. Strategies could include providing better information showing that a free trial is followed by a subscription, reminding consumers that they have a subscription, and allowing consumers to easily cancel.
Aug 2, 2021
Report
Future of the Credit Information Market: Final report
This project identified the factors influencing change and developed four plausible future scenarios for 2030 that provide insights into the implications for the credit information market, the lending markets, consumers and wider society.
Jul 29, 2021
Multimedia
Exploring Workplace Financial Wellbeing Interventions
Workplace financial wellbeing interventions could offer a key means for addressing rising financial concerns and mental health issues in the workplace. In this video, Christian van Stolk and Jennifer Bousfield describe their findings from an extensive analysis of British and Asian workplace survey data.
Mar 9, 2021
Infographic
Workplace financial wellbeing interventions and the mental health of young workers
In this study we explore the likely and proven impact of workplace financial wellbeing interventions on the mental health of young workers, through analysis of Britain and Asia's Healthiest Workplace survey data and a literature review.
Mar 8, 2021
Report
Workplace financial wellbeing interventions for young workers: A review of the evidence and analysis of Britain's Healthiest Workplace (BHW) and Asia's Healthiest Workplace (AHW) surveys
In this study we explore the likely and proven impact of workplace financial wellbeing interventions on the mental health of young workers, through analysis of Britain and Asia's Healthiest Workplace survey data and a literature review.
Mar 8, 2021
Journal Article
How Did the Reintroduction of the Social Security Statement Change Workers' Expectations and Plans?
This study fielded a survey in RAND's American Life Panel, coinciding with the partial reintroduction of the Social Security Statement. The findings indicate that regular mailings can play a role in shaping workers' retirement plans.
Mar 3, 2021
Journal Article
Financial Literacy and Financial Decision-Making at Older Ages
This paper examines how financial literacy is associated with three types of financial decisions pertinent to older individuals: adherence to timely credit card repayment, stock market participation, and risk diversification of household assets.
Feb 9, 2021
News Release
Financial Woes Grow Worse Over Course of Coronavirus Pandemic; More Families Report Trouble Paying Bills
The economic challenges caused by the coronavirus pandemic have grown worse since the spring for many American families, with an increasing number reporting that they have trouble paying bills.
Dec 17, 2020

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RAND Topic:
Financial Decision Making

Research conducted by

Researcher Spotlight

Katharina Ley Best

Associate Director, Personnel, Training, and Health Program, RAND Arroyo Center

Katharina Best (she/her) is a senior operations researcher and associate program director of Arroyo's Personnel, Training, and Health Program. Her research interests focus on applications of operations research and mathematical modeling for strategic decision support, and she is especially…
Jonathan Lamb

Ph.D. Candidate, Pardee RAND Graduate School, and Assistant Policy Researcher, RAND

Jonathan Lamb is an assistant policy researcher at RAND and a Ph.D. student at Pardee RAND Graduate School. He has a B.Sc. in human-centered design and systems thinking from the Minneapolis College of Art and Design and M.Phil in policy analysis from Pardee RAND with a focus in economic and…

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