Article2016

THE ROLE OF INFORMATION ON RETIREMENT PLANNING: EVIDENCE FROM A FIELD STUDY

39 citations0/0 files storedEconomic Inquiry

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Retirement, Disability, and Employment

Abstract

Many households neglect the pivotal task of planning for retirement. Proposals to stimulate employees to save for retirement in the workplace include tax subsidies, which are costly, and using automatic defaults, which may not complement the heterogeneous preferences of savers. This randomized field study shows that an information‐based intervention increases reported retirement plan participation, emergency savings, and using a budget. Employees offered access to education increased actual retirement deferrals by $26 per month. These results suggest that retirement education programs may be an effective strategy to increase retirement planning and saving behavior. (JEL J26, D14, D91)

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References

2008Bootstrap-Based Improvements for Inference with Clustered Errors 2001The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior 2014Financial Literacy, Financial Education, and Downstream Financial Behaviors 2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 2003Household Financial Management: The Connection between Knowledge and Behavior 2007Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education 2013Financial Literacy, Financial Education, and Economic Outcomes 2003The Role of Information and Social Interactions in Retirement Plan Decisions: Evidence from a Randomized Experiment

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2023Retirement planning – a systematic review of literature and future research directions 2019Planning for Retirement? The Importance of Time Preferences 2022Interventions designed to improve financial capability: A systematic review 2023Basic debt literacy and debt behavior 2023Does financial education affect retirement savings?

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