AI Article Synopsis
- Financial decisions can be overwhelming, often leading to procrastination in making choices like retirement savings.
- A low-cost intervention was tested, allowing individuals to enroll in a retirement savings plan with a fixed contribution rate and asset allocation, simplifying their choices.
- This approach significantly boosted enrollment rates by 10 to 20 percentage points and can also help increase contribution rates for those already participating in savings plans.
Article Abstract
The daunting complexity of important financial decisions can lead to procrastination. We evaluate a low-cost intervention that substantially simplifies the retirement savings plan participation decision. Individuals received an opportunity to enroll in a retirement savings plan at a pre-selected contribution rate and asset allocation, allowing them to collapse a multidimensional problem into a binary choice between the status quo and the pre-selected alternative. The intervention increases plan enrollment rates by 10 to 20 percentage points. We find that a similar intervention can be used to increase contribution rates among employees who are already participating in a savings plan.
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| http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3891777 | PMC |
| http://dx.doi.org/10.1016/j.jebo.2012.03.007 | DOI Listing |
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