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Investigating the Introduction of Fintech Advancement Aimed to Reduce Limited Attention Regarding Inactive Savings Accounts: Data, Survey, and Field Experiment

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  • Maya Haran Rosen
  • Orly Sade

Abstract

We use proprietary data, survey data, and a field experiment to study the effect of campaigns to raise awareness about lost and forgotten retirement savings accounts. The campaigns were a centralized database to help individuals find inactive accounts and a tax exemption to encourage individuals to close small inactive accounts and avoid new fees that would exhaust the savings. We show that after the campaigns, inactive retirement accounts still received limited attention. This was more pronounced for individuals with low socioeconomic status and low financial literacy. A controlled field experiment suggests that interventions using more personal interactions can increase attention.

Suggested Citation

  • Maya Haran Rosen & Orly Sade, 2022. "Investigating the Introduction of Fintech Advancement Aimed to Reduce Limited Attention Regarding Inactive Savings Accounts: Data, Survey, and Field Experiment," AEA Papers and Proceedings, American Economic Association, vol. 112, pages 370-375, May.
    • Handle: RePEc:aea:apandp:v:112:y:2022:p:370-75
    DOI: 10.1257/pandp.20221123
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    More about this item

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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