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.
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.