Behavioral finance theory helps explain why many people save too little for retirement. Which of the following are elements of this behavioral explanation? More than one answer may be correct. To earn full credit, you must select all of the correct answers and none of the incorrect answers. When considering payroll deductions for retirement accounts, individuals tend to view 401(k) and 403(b) programs as unreasonably costly and thus choose not to contribute to their employer's retirement accounts Individuals exhibit status quo bias: it is easier to make no changes, e.g, to not begin payroll deductions, than it is to make changes, e.g., take steps to begin payroll deductions. o When considering payroll deductions for their employer's retirement accounts (e.g. 401(k) or 403(b) programs), individuals tend to view the contribution as a loss of current spending Individuals exhibit severe risk aversion: rather than contribute to a retirement account and invest in risky stocks and bonds, they tend to do their retirement saving in taxable certificates of deposit and savings accounts at banks