Investigating the Introduction of Fintech Advancement Aimed to Reduce Limited Attention Regarding Inactive Savings Accounts: Data, Survey, and Field Experiment

Maya Haran Rosen and Orly Sade

AEA Papers and Proceedings, 2022, vol. 112, 370-75

Abstract: We use proprietary data, survey data, and a field experiment to study the effect of campaigns to raise awareness about lost and forgotten retirement savings accounts. The campaigns were a centralized database to help individuals find inactive accounts and a tax exemption to encourage individuals to close small inactive accounts and avoid new fees that would exhaust the savings. We show that after the campaigns, inactive retirement accounts still received limited attention. This was more pronounced for individuals with low socioeconomic status and low financial literacy. A controlled field experiment suggests that interventions using more personal interactions can increase attention.

JEL-codes: C93 G21 G51 G53 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aea:apandp:v:112:y:2022:p:370-75

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DOI: 10.1257/pandp.20221123

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