Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data

Claudio Daminato, Massimo Filippini and Fabio Haufler

The Review of Financial Studies, 2024, vol. 37, issue 8, 2510-2549

Abstract: 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.

Keywords: C93; D14; D83; G51 (search for similar items in EconPapers)
Date: 2024
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