The Impacts of the Social Security Statement Redesign on People’s Knowledge and Behavioral Intentions: A Survey Experiment

Francisco Perez-Arce and Lila Rabinovich
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Francisco Perez-Arce: University of Southern California
Lila Rabinovich: University of Southern California

Working Papers from University of Michigan, Michigan Retirement Research Center

Abstract: Social Security information can be complex but is crucial for financial planning. The Social Security Statement, which was recently redesigned, aims to better inform the public. We assess the impact of the Statement’s redesign on people’s understanding of Social Security, their interest in acquiring further information, and their intended behavior, including their intended age for claiming retirement benefits. We do this through a randomized control trial of an information treatment that uses the revised and old versions of the Statement for the treatment and control groups, respectively. Finally, we show respondents an information screen and links that encourage them to check the revised Statement through their my Social Security account, and test whether those exposed to the revised Statement are more likely to click on them. We find that the redesigned Statement is more successful in improving understanding of critical issues around benefits. We also find evidence of higher clarity and interest in acquiring more information among those assigned to the redesigned Statement treatment, though we find no effects on clicks to my Social Security links. The redesign also affects the ages respondents intend to claim, but these effects dissipated by the time of the follow-up survey.

Pages: 51 pages
Date: 2022-09
New Economics Papers: this item is included in nep-age, nep-exp and nep-pbe
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