Using fresh starts to nudge increased retirement savings
Beshears, Dai, Milkman and Benartzi ran a randomised field experiment at four United States universities in October 2013 with about 6,082 employees, who received mailings offering a retirement contribution increase immediately or at a later date. Tying the later date to a birthday, New Year's Day or the first day of spring raised take-up of the delayed option by about 1.3 to 1.4 percentage points from a 2.6 per cent base, raised combined take-up by about 2.2 to 2.3 points from 7.6 per cent, and raised average contribution rates over eight months by about 17 to 19 basis points from a base of 73. Against placebo holiday framing, combined take-up rose about 3.1 points. Effects varied by date, with birthday and spring framing largest and New Year's near zero, and several results were significant only at the 10 per cent level. Randomisation was stratified by university and birth month.
Beshears, Dai, Milkman and Benartzi ran a randomised field experiment at four United States universities in October 2013 with about 6,082 employees, who received mailings offering a retirement contribution increase immediately or at a later date. Tying the later date to a birthday, New Year's Day or the first day of spring raised take-up of the delayed option by about 1.3 to 1.4 percentage points from a 2.6 per cent base, raised combined take-up by about 2.2 to 2.3 points from 7.6 per cent, and raised average contribution rates over eight months by about 17 to 19 basis points from a base of 73. Against placebo holiday framing, combined take-up rose about 3.1 points. Effects varied by date, with birthday and spring framing largest and New Year's near zero, and several results were significant only at the 10 per cent level. Randomisation was stratified by university and birth month.
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Beshears, J., Dai, H., Milkman, K. L., & Benartzi, S. (2021). Using fresh starts to nudge increased retirement savings. Organizational Behavior and Human Decision Processes, 167, 72-87. doi:10.1016/j.obhdp.2021.06.005 https://doi.org/10.1016/j.obhdp.2021.06.005