If you've ever experienced a sense of euphoria after paying off your credit card in full or purchasing a piece of furniture that finally completes your living room, you know that our relationship to money isn't just a purely economical one. There's a big psychological component, too.
The human mind doesn't always work in our best interests when it comes to spending decisions. But the good news is that scientists are trying to tackle the problem -- and uncover how we can retrain our brains to make better choices.
Just 9% of workers frequently discuss saving, investment and planning for retirement with family and friends. This is the massive elephant in the room. If you're not talking about it, you're likely not taking action steps toward preparing for it.
Given that Jane is likely to live five years longer than Joe -- a range that will get closer to seven years more by the time she reaches retirement, you can see that we have a problem brewing. And it's not a small one.