People are increasingly put in charge of their wellbeing after retirement. Pension reforms around the world have introduced or increased the prevalence of individual retirement accounts, meaning people are often in charge of deciding not only how much to contribute to these accounts but also how to allocate their retirement wealth.

The demographic transition is increasingly shifting the responsibility of saving decisions from the welfare system to individuals. The switch from defined benefits to defined contributions pension systems is making individuals more liable for their long-term saving choices. In addition, the recent financial crisis has questioned people’s ability to manage their debts.