EconPapers    
Economics at your fingertips  
 

Nudging Retirement Savings: A Field Experiment on Supplemental Plans

Robert L. Clark, Robert Hammond, Melinda Morrill () and Christelle Khalaf ()

No 23679, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Although supplemental saving plans can be an important part of an individual's financial security in retirement, contribution rates remain low, particularly among those with lower salaries and less education. We report findings from a field experiment that distributed an informational nudge containing information on key aspects of the employer-provided supplemental saving plans of older public employees in North Carolina. Among workers participating in a supplemental plan, individuals who received an informational nudge increased their contributions in the months following the intervention relative to the control group. Moreover, those that received the nudge reported in a subsequent survey that they were more likely to have developed a retirement plan and report more confidence in their retirement preparedness. In contrast, individuals who were not enrolled in a retirement saving plan were not moved to begin contributing to a supplemental plan.

JEL-codes: J32 (search for similar items in EconPapers)
Date: 2017-08
New Economics Papers: this item is included in nep-age and nep-exp
Note: AG
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://www.nber.org/papers/w23679.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:23679

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w23679

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2020-08-01
Handle: RePEc:nbr:nberwo:23679