What cognitive biases reduce savings? In Thinking Fast and Slow Kahneman explains that people can sometimes save less because they underestimate the future benefit to themselves because they view present and future self differently. I learned elsewhere that this cognitive bias is called hyperbolic discounting. If I understand correctly this will affect young more than old because old person's future self is much closer to present self.
My question:
Are there any other cognitive biases that might decrease saving?  Also, are there some cognitive biases that affect saving of young more than saving of old? I would like to know more about this topic so please provide references if possible.
A study of  Gopi Shah Goda, Matthew Levy, Colleen Flaherty Manchester, Aaron Sojourner, and Joshua Tasoff (2015) The Role of Time Preferences and Exponential-Growth Bias in Retirement Savings showed that in the US the most important cognitive bias is the exponential growth bias.
Exponential growth bias is bias that occurs because people intuitively do not understand exponential growth. So when people save they think about growth intuitively in linear way.
I don't know if there is a study that says it affects younger people more, but I think it would make sense since more time difference between present and future also means a larger difference between exponential and linear growth.