1 option
The Effect of Providing Peer Information on Retirement Savings Decisions / John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, Katherine L. Milkman.
- Format:
- Book
- Author/Creator:
- Beshears, John.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w17345.
- NBER working paper series no. w17345
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2011.
- Summary:
- We conducted a field experiment in a 401(k) plan to measure the effect of disseminating information about peer behavior on savings. Low-saving employees received simplified plan enrollment or contribution increase forms. A randomized subset of forms stated the fraction of age-matched coworkers participating in the plan or age-matched participants contributing at least 6% of pay to the plan. We document an oppositional reaction: the presence of peer information <i>decreased</i> the savings of non-participants who were ineligible for 401(k) automatic enrollment, and higher observed peer savings rates also decreased savings. Discouragement from upward social comparisons seems to drive this reaction.
- Notes:
- Print version record
- August 2011.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.