Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data

• 成果类型: Article
• 署名作者: Daminato, Claudio; Filippini, Massimo; Haufler, Fabio
• 署名单位: Lund University; Swiss Federal Institutes of Technology Domain; ETH Zurich; Universita della Svizzera Italiana
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhae015
• 发表日期: 2024
• 页码: 2510
• 关键词: financial literacy; INFORMATION; borrowers; increase; FinTech; CHOICE

摘要

Retirement savings decisions are increasingly mediated by digital technologies that promise to help individuals plan adequately for their retirement. We exploit a natural experiment to show that introducing a digital pension application increases the probability of making a voluntary retirement contribution by 1.8 percentage points, from an average pretreatment contribution rate of 2.8%. Men and higher-income earners are more likely to respond to the app introduction. We then leverage a field experiment to show that using the app affects contribution behavior mainly through reducing the hassle costs of making contributions, rather than by providing information on the associated tax savings.