Personalized Reminders: Evidence from a Field Experiment with Voluntary Retirement Savings in Colombia

Jared Gars, Laura Prada, Egon Tripodi and Santiago Borda

No 11738, CESifo Working Paper Series from CESifo

Abstract: A large share of the global workforce lacks access to employer-sponsored retirement plans. In Colombia, where labor informality is high, the government introduced the Beneficios Economicos Periodicos (BEPS) program to promote voluntary retirement savings. However, many enrollees fail to contribute regularly. We conduct a randomized controlled trial with 2,819 BEPS users, assigning them to different planning and monthly reminder treatments, where reminders are tailored in their timing. We find that personalized reminders significantly increase both the frequency and amount of savings, with individuals who recognize their forgetfulness more likely to demand reminders. Our findings highlight the role of reminders tailored to individuals’ preferred timing in sustaining engagement in voluntary savings programs.

Keywords: retirement savings; personalized reminders; limited attention; financial inclusion (search for similar items in EconPapers)
JEL-codes: D91 G41 O16 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_11738

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