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Simplification and Saving

NBER Working Paper No. w12659
2006
  • 12
    Citations
  • 1,918
    Usage
  • 3
    Captures
  • 0
    Mentions
  • 0
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Citations
    12
    • Citation Indexes
      12
  • Usage
    1,918
    • Abstract Views
      1,847
    • Downloads
      71
  • Captures
    3
    • Readers
      3
      • SSRN
        3
  • Ratings
    • Download Rank
      665,123

Paper Description

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.

Bibliographic Details

John Beshears; James J. Choi; David Laibson; Brigitte C. Madrian

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