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Nudging retirement savings : a field experiment on supplemental plans

Author: Robert L Clark; Robert G Hammond; Melinda S Morrill; Chriselle Khalaf; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23679.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Robert L Clark; Robert G Hammond; Melinda S Morrill; Chriselle Khalaf; National Bureau of Economic Research,
OCLC Number: 1001439534
Notes: "August 2017"
Description: 1 online resource (40, 10 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 23679.
Responsibility: Robert L. Clark, Robert G. Hammond, Melinda Sandler Morrill, Christelle Khalaf.

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.

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