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Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data

Daminato, Claudio LU ; Filippini, Massimo and Haufler, Fabio (2024) In The Review of Financial Studies 37(8). p.2510-2549
Abstract
Retirement savings decisions are increasingly mediated by digital technologies that promise to help individuals plan adequately for their retirement. We exploit a natural experiment to show that introducing a digital pension application increases the probability of making a voluntary retirement contribution by 1.8 percentage points, from an average pretreatment contribution rate of 2.8%. Men and higher-income earners are more likely to respond to the app introduction. We then leverage a field experiment to show that using the app affects contribution behavior mainly through reducing the “hassle” costs of making contributions, rather than by providing information on the associated tax savings. (JEL C93, D14, D83, G51)
Please use this url to cite or link to this publication:
author
; and
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
C93, D14, D83, G51
in
The Review of Financial Studies
volume
37
issue
8
pages
2510 - 2549
publisher
Oxford University Press
external identifiers
  • scopus:85199001601
ISSN
0893-9454
DOI
10.1093/rfs/hhae015
language
English
LU publication?
yes
id
a41a0fd5-4876-4f6d-b1fc-1098750ff829
date added to LUP
2024-05-31 11:54:41
date last changed
2024-09-10 14:57:08
@article{a41a0fd5-4876-4f6d-b1fc-1098750ff829,
  abstract     = {{Retirement savings decisions are increasingly mediated by digital technologies that promise to help individuals plan adequately for their retirement. We exploit a natural experiment to show that introducing a digital pension application increases the probability of making a voluntary retirement contribution by 1.8 percentage points, from an average pretreatment contribution rate of 2.8%. Men and higher-income earners are more likely to respond to the app introduction. We then leverage a field experiment to show that using the app affects contribution behavior mainly through reducing the “hassle” costs of making contributions, rather than by providing information on the associated tax savings. (JEL C93, D14, D83, G51)}},
  author       = {{Daminato, Claudio and Filippini, Massimo and Haufler, Fabio}},
  issn         = {{0893-9454}},
  keywords     = {{C93; D14; D83; G51}},
  language     = {{eng}},
  month        = {{05}},
  number       = {{8}},
  pages        = {{2510--2549}},
  publisher    = {{Oxford University Press}},
  series       = {{The Review of Financial Studies}},
  title        = {{Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data}},
  url          = {{http://dx.doi.org/10.1093/rfs/hhae015}},
  doi          = {{10.1093/rfs/hhae015}},
  volume       = {{37}},
  year         = {{2024}},
}