Retirement decisions are driven by far more than financial calculations alone. Research by Yadi Yang, PhD candidate at Erasmus School of Economics, demonstrates that individuals’ personal goals and motivations play a crucial role in how they save, invest, and plan for retirement.
On Thursday, 2 July, Yadi Yang will defend her doctoral dissertation, Motivated Retirement: Goals, Regulatory Focus, and Pension Decision-Making, in which she examines how behavioural factors influence retirement-related financial decisions. Her findings come at a time when many countries are moving away from traditional employer-sponsored pension schemes and placing greater responsibility on individuals to manage their own retirement savings.
Beyond rational choice: The role of personal goals and values in retirement decisions
The dissertation explores three key areas of retirement decision-making. First, the research shows that people with ambitious, growth-oriented goals are significantly more likely to choose higher-risk, higher-reward investment products for their retirement savings. Second, individuals who place a strong emphasis on leisure and personal development are more inclined to retire earlier, even when doing so results in reduction in pension income. Third, the study finds that personal motivations also influence sustainable investment preferences, determining whether investors favor funds that actively support positive social and environmental causes or funds that focus on excluding harmful industries.
Together, these findings highlight the importance of understanding the psychological drivers behind retirement decisions. Rather than relying solely on economic models that assume rational decision-making, the research demonstrates that retirement choices are closely linked to individuals’ personal aspirations and values.
‘By understanding what motivates people, pension providers and policymakers can design retirement systems that are more intuitive and better aligned with individuals’ goals,’ Yang explains. ‘This can help people make retirement choices that support both their financial wellbeing and their broader life objectives.’
About Yadi Yang
Yadi Yang is a PhD candidate in the Department of Business Economics at Erasmus School of Economics. Her research focuses on individual decision-making within the pension sector, including investment behaviour, retirement income preferences, and sustainable investing. Prior to pursuing her doctoral studies, she earned bachelor’s and master’s degrees in Aerospace Engineering from Beijing Institute of Technology.
- PhD student
- More information
The PhD defence will take place on Thursday, 2 July 2026, at 13:00 in the Senat Hall, Erasmus building.
For more information, please contact Ronald de Groot, Media & Public Relations Officer at Erasmus School of Economics: rdegroot@ese.eur.nl, +31 653 641 846.
