Can Simple Informational Nudges Increase Employee Participation in a 401(k) Plan?
We report results from a field experiment in which a randomized subset of newly hired workers at a large financial institution received a flyer containing information about the employer's 401(k) plan and the value of contributions compounding over a career. Younger workers who received the flyer wer...
| Publicado en: | Southern Economic Journal Vol. 80; no. 3; pp. 677 - 702 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
Jan2014
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=94071637&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 94071637 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: Jan2014 vid: 80 iid: 3 pid: 480 pub: Wiley-Blackwell artinfo: ui: 94071637 10.4284/0038-4038-2012.199 ppf: 677 ppct: 25 formats: fmt: – @attributes: type: T – @attributes: type: P size: 14.9MB tig: atl: Can Simple Informational Nudges Increase Employee Participation in a 401(k) Plan? aug: au: Clark, Robert L. Maki, Jennifer A. Morrill, Melinda Sandler affil: Department of Economics, North Carolina State University, Raleigh, NC 27695-8110, USA Center for Healthcare Economics and Policy, FTI Consulting, 1101 K Street, NW, Suite B100, Washington DC 20005, USA su: Retirement Young workers 401(k) plans Retirement income Discrimination in financial services sug: subj: Retirement Young workers 401(k) plans Retirement income Discrimination in financial services ab: We report results from a field experiment in which a randomized subset of newly hired workers at a large financial institution received a flyer containing information about the employer's 401(k) plan and the value of contributions compounding over a career. Younger workers who received the flyer were significantly more likely to begin contributing to the plan relative to their peers in the control group. Many workers do not participate in their employers' supplemental retirement savings programs, even though these programs offer substantial tax advantages and immediate returns due to matching contributions. From a survey of new hires, we find that many workers choose not to contribute to the plan because they have other financial priorities. However, some nonparticipants lack the financial literacy to appreciate the benefit. These findings indicate that simple informational interventions can nudge workers to participate in retirement saving plans and enhance individual well-being and retirement income security. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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