Both the United States and Australia have increased the use of default settings in defined contribution (DC) plans such as 401(k)s. However, policy makers in the two countries have taken different approaches to important aspects of default investment products. This article discusses the...

The insights of choice architecture have led to expanded use of default settings in defined contribution (DC) plans in both the United States and Australia. The two countries have taken somewhat similar approaches to the content of default investment products. However, they differ significantly...