The future’s getting shortchanged. A new paper finds that Americans tend to carry two biases that prevent them from saving money well. First, there’s “present bias” toward spending money now rather than hoarding it for an unknown future. Second, there’s “exponential growth bias,” which leads Americans to underestimate the value of compound interest in retirement savings. Consumers are also nudged in the wrong direction by credit card companies and lax rules on 401(k)s, meaning it could take strong government action to right the ship.