Center for Healthcare Economics & Policy
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NBER Working Papers and Publications
|October 2013||Can Simple Informational Nudges Increase Employee Participation in a 401(k) Plan?|
with Robert L. Clark, Melinda Sandler Morrill: w19591
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 non-participants lack the finan...
Published: Can Simple Informational Nudges Increase Employee Participation in a 401(k) Plan? Robert L. Clark1, Jennifer A. Maki2 andMelinda Sandler Morrill3, Southern Economic Journal Volume 80, Issue 3, pages 677–701, January 2014 citation courtesy of
|July 2013||Golden Years or Financial Fears? Decision Making After Retirement Seminars|
with Steven G. Allen, Robert L. Clark, Melinda Sandler Morrill: w19231
Many organizations provide retirement planning seminars to their employees as a benefit to help them make better informed retirement decisions. This study examines the participants in 85 seminars conducted by five companies in 2008 and 2009 to determine how much learning takes place and whether employees adjust retirement plans. Using surveys conducted before and after the seminars, we find that financial literacy and knowledge of retirement program parameters are significantly higher after the seminar. Employees with the largest increases in knowledge were most likely to change their planned retirement age and planned age of claiming Social Security benefits.
Published: Steven G. Allen, Robert L. Clark, Jen Maki and Melinda Sandler Morrill The Journal of Retirement Winter 2016, 3 (3) 96-115; DOI: https://doi.org/10.3905/jor.2016.3.3.096