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Preference for tax-free savings accounts may be due, in part, to a psychological bias for the phrase “tax-free.” (Shutterstock)

The ‘tax‑free trap’: How a simple phrase skews Canadians’ savings choices

Ruth Pogacar, University of Calgary; Jonathan Farrar, Wilfrid Laurier University; Leslie Berger, Wilfrid Laurier University, and Lu Zhang, Toronto Metropolitan University

New research finds that people are more likely to choose a plan that has the words “tax-free” in the title, regardless of the details in fine print.

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