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Promoting public retirement savings accounts during tax filing: evidence from field experiments

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  • Roll, Stephen
  • Bufe, Sam
  • Kondratjeva, Olga
  • Grinstein-Weiss, Michal

Abstract

In 2015, the U.S. Treasury Department launched myRA, a no-fee retirement account designed for people who lacked employer-sponsored retirement options. We report findings from two behavioral field experiments intended to motivate interest in using the tax refund to open and fund myRAs directly through the tax-filing process. These experiments, administered to more than 100,000 low-income tax filers in 2016, embedded persuasive messages in emails sent to filers and directly within online tax-filing software. We find that interest in myRA was generally very low, although interest and enrollment intentions varied depending on the framing of the program's benefits.

Suggested Citation

  • Roll, Stephen & Bufe, Sam & Kondratjeva, Olga & Grinstein-Weiss, Michal, 2023. "Promoting public retirement savings accounts during tax filing: evidence from field experiments," Journal of Pension Economics and Finance, Cambridge University Press, vol. 22(1), pages 88-115, January.
    • Handle: RePEc:cup:jpenef:v:22:y:2023:i:1:p:88-115_5
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