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The Quadrillion Dollar Bridge
Closing the Retirement Funding Gap by Understanding How Humans Make Decisions
Josef Pilger (Author)
9781394332373, Wiley
Hardback, published 21 April 2025
336 pages
24.4 x 17 x 3.3 cm, 0.68 kg
Unlock the secrets to successful retirement planning with insights that will revolutionize the way we make financial decisions In The Quadrillion Dollar Bridge: Retirement Behaviour, author Josef Pilger delves into the complex landscape of retirement , systems, decisions, planning, behaviours and outcome expectations providing vital guidance for policymakers, individuals, retirement and financial services providers. This book addresses the complex challenges consumers, policymakers and providers face today, from navigating investments to making informed decisions that affect the retirement lifestyle for millions. With Pilger's extensive experience in the global retirement and financial services sector, he offers practical solutions designed to empower readers for a more secure financial future. Packed with research-based insights and actionable strategies, the book dissects the evolving retirement landscape—highlighting how you can better navigate the shift from defined benefits to individualized plans and what he calls “Retirement 2.0”. Readers will learn how to make informed choices that improve their retirement systems, delivery and outcomes, ensuring they achieve lasting peace of mind. Inside the book: The Quadrillion Dollar Bridge: Retirement Behaviour is a must-read for policymakers, financial services providers, pension fund professionals, and financial advisors eager to enhance their clients' retirement planning experiences. Empower yourself and your clients today with the knowledge needed to thrive in a complicated financial landscape.
Foreword xi Preface xiii Charts xvii Section A Framing Context 1 Retirement System Objectives: Purpose and Cultural Framing Expectations 3 Problem: What Problem? The Governance and Fiduciary Duty 8 Retirement System Parameters 11 Section B Retirement and Financial Well-Being Ecosystem 23 The Financial Well-Being Ecosystem 23 Retirement Decision Map 26 The Unavoidable Statistical Section 28 The Retirement Memories Map 31 Why Are Retirement Decisions So Hard? 34 Financial Literacy and Financial Advice as Silver Bullets? 38 What Can We Learn from Human Evolution? 43 Intergenerational Wealth Transfer 56 Behavioural Economics – Progress at Last? 57 Retirement Success 59 Financial Planning Success 65 Section C Transform Retirement 2.0 – Defining the Crucial Challenge(s) 67 Laying the Foundations 67 The New Brand of Retirement 2.0 71 The Foundation of Success in Retirement 2.0 74 Transform: How Can We See What Others Do Not? 78 A Policymakers’ Balanced Scorecard for Retirement 2.0 80 Longevity’s Impact on Governments 84 Section D Transform Retirement 2.0 – Breaking Down the Challenge(s) 103 Break Down the Challenge and Challenge Statement 103 Compare Stakeholders’ Perspectives and Wants 113 Section E Transform Retirement 2.0 – Search within the Sector 143 Searching for Best Practices from Australia 144 Searching for Best Practices from the Netherlands 145 Searching for Best Practices from Denmark 146 Searching for Best Practices from Hong Kong 147 Searching for Best Practices from Malaysia 148 Searching for Best Practices from the United States 149 Searching for Best Practices from Canada 151 Searching for Best Practices from Chile 153 Searching for Best Practices from India 154 Searching for Financial Advice Best Practices in the United Kingdom and Australia 155 Selected Key Lessons from within the Global Retirement Ecosystem 163 Section F Transform Retirement 2.0 – Search Outside of the Sector 167 The Search for Better Attraction and Engagement 168 The Search for More Learning about Customer Attraction at Scale 172 Search for Financial Security-Centric Retirement Advice Lessons 174 Search for Better Enablement and Decision for Retirement Lessons 180 Search for Lessons for a Better Ecosystem and a ‘Fulfilled Life’ 185 Learning about the Illusion of Validity 187 Search for Better Government and Policymaker Interventions 188 Lessons from the Global COVID Vaccine Journey 189 Lessons from the Implementation of Obama Care 192 Lessons from the Kingdom of Saudi Arabia’s Vision 2030 Journey 193 Section G Transform Retirement 2.0 – The Options Map 197 Developing the Options Map Pragmatically 197 Shift 1: From Retirement 1.0 to 2.0 and ‘Fulfilled Life’ Transformation 200 Shift 2: From Incremental to Transformative Outcome Architecture 208 Shift 3: From Process and Choice to Saver Outcome Architecture 210 Shift 4: From Process to Outcome Governance 215 Shift 5: From Process and Product to Value-Chain Architecture 220 Shift 6: From Financial Planning to Advice Outcome Architecture 228 The Political Test: The $1 Quadrillion Prize of Value Generation 247 The $1 Quadrillion Prize Journey 248 Section H What Do the Six Shifts Mean More for the Golden Years? 251 Framing the Conversation 251 Framing Success 254 The Australian Retirement System 257 The German Retirement System 267 The Dutch Retirement System 272 The UK Private Retirement System 273 The US Private Retirement System 276 Section I International Leaders’ Thinking 285 Introduction 285 Andrew Evans, Group CEO, Smart Pensions 285 Nikki Pirrello, President and Publisher, Pensions & Investments 286 John Mitchem, Principal, JM3 Projects New York and Co-Founder of Jasper Forum, a Global Retirement Finance Discussion Group 289 Section J Conclusion 291 We Need to Put Humans in the Centre – Finally 291 One Key Aspect Remains to Manage Transformative Savers’ Outcome Expectations 293 Suggestions for Future Work 293 Notes 295 Index 303
Subject Areas: Finance & accounting [KF]
