Ageing and the evolution 6  of welfare imply an enhanced role for life insurance and private pension schemes. The increased range of financial investment choices provides better potential opportunities, but may appear baffling to non-experts. Technological development in payments are transforming, beyond recognition, the way we conduct even the most common transactions.
Individuals need to take financial decisions throughout their life, including decisions inherently involving long-term outcomes that are very difficult to predict and assess (e.g., investing early for one’s retirement), which are exactly those where the usual mental shortcuts are most likely to fail.