“These findings are consistent with the notion of a house money effect, with the employer contribution as the house money. Employees appear be more willing to take risk with the employer money, or ‘free money,’ than their own salary reduction contribution to the 403(b) account,” Andrea Anthony and Kristine Beck of the University of Oregon and Inga Chira of California State University- Northridge wrote in the study.
https://newsline.com/saving-hurts-and-so-do-the-errors-of-self-invested-plans-james-saft/
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