TY  - JOUR
AU  - Choi,James J.
AU  - Haisley,Emily
AU  - Kurkoski,Jennifer
AU  - Massey,Cade
TI  - Small Cues Change Savings Choices
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 17843
PY  - 2012
Y2  - February 2012
UR  - http://www.nber.org/papers/w17843
L1  - http://www.nber.org/papers/w17843.pdf
N1  - Author contact info:
James J. Choi
Yale School of Management
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
E-Mail: james.choi@yale.edu

Emily Haisley
Barclays Bank PLC
1 Churchill Place
London, E14 5HP
United Kingdom
E-Mail: Emily.Haisley@barclayswealth.com

Jennifer Kurkoski
Google, Inc.
76 Ninth Avenue
4th Floor
New York, NY 10011
E-Mail: kurkoski@google.com

Cade Massey
Wharton School of Business
University of Pennsylvania
3730 Walnut St. #554 
Philadelphia, PA 19104
       
Tel: 215-746-5884
E-Mail: cadem@wharton.upenn.edu
AB  - In randomized field experiments, we embedded one- to two-sentence anchoring, goal-setting, or savings threshold cues in emails to employees about their 401(k) savings plan. We find that anchors increase or decrease 401(k) contribution rates by up to 1.9% of income. A high savings goal example raises contribution rates by up to 2.2% of income. Highlighting a higher savings threshold in the match incentive structure raises contributions by up to 1.5% of income relative to highlighting the lower threshold. Highlighting the maximum possible contribution rate raises contribution rates by up to 2.9% of income among low savers.
ER  -