Working Paper: NBER ID: w14715
Authors: Annamaria Lusardi; Punam Anand Keller; Adam M. Keller
Abstract: In this study, we use a social marketing approach to develop a planning aid to help new employees at a not-for-profit institution contribute to supplementary pensions. We employed different methods, such as surveys, focus groups and in-depth interviews, to "listen" to employees' needs and difficulties with saving. Moreover, we targeted specific groups that were less likely to save and contribute to supplementary pensions, such as women and low-income employees. The program we developed is not only effective but also inexpensive. While this program was implemented at a single institution, it is suitable to be applied to a variety of employers and demographic groups.
Keywords: Saving Behavior; Social Marketing; Financial Education; Retirement Savings
JEL Codes: D91
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| implementation of the planning aid (F35) | increase in supplementary retirement account (SRA) election rates (J26) |
| addressing barriers (lack of information, insufficient income, low self-control) (I24) | increase in saving behaviors (D14) |
| planning aid (F35) | increase in enrollment in supplementary retirement accounts (SRAs) (H55) |
| barriers (lack of information, insufficient income, low self-control) (D80) | hinder employees' ability to save (D14) |
| tailored approach based on employee feedback and needs (M53) | improved participation rates (I24) |