A Fistful of Dollars: Financial Incentives, Peer Information, and Retirement Savings

• 成果类型: Article
• 署名作者: Bauer, Rob; Eberhardt, Inka; Smeets, Paul; Cohen, Lauren
• 署名单位: Maastricht University; University of New South Wales Sydney
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhab088
• 发表日期: 2022
• 页码: 2981
• 关键词: literacy; decisions; education; security; NORMS; plan

摘要

To understand what motivates individuals to look at their pension situation and make adequate savings decisions, we conduct two field experiments with 226,946 and 257,433 pension fund participants. We find peer-information statements do not increase the rate at which individuals check their pension information, but lottery-type financial incentives do. Offering a few large prizes rather than many small prizes is most effective. However, the uptake of pension information does not lead to improved pension knowledge nor to increased self-reported savings three weeks after our intervention.