To understand what motivates individuals to look at their pension situation and make adequate savings decisions, we conduct two field experiments with 226,946 and 257,433 pension fund participants. We find peer-information statements do not increase the rate at which individuals check their pension information, but lottery-type financial incentives do. Offering a few large prizes rather than many small prizes is most effective. However, the uptake of pension information does not lead to improved pension knowledge nor to increased self-reported savings three weeks after our intervention.
- d83 - "Search; Learning; Information and Knowledge; Communication; Belief"
- c93 - Field Experiments
- FIELD EXPERIMENTS
- FINANCIAL LITERACY
- INFORMATION & KNOWLEDGE