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Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data

Author

Listed:
  • Claudio Daminato
  • Massimo Filippini
  • Fabio Haufler

Abstract

Retirement savings decisions are increasingly mediated by digital technologies that promise to help individuals plan adequately for their retirement. We exploit a natural experiment to show that introducing a digital pension application increases the probability of making a voluntary retirement contribution by 1.8 percentage points, from an average pretreatment contribution rate of 2.8%. Men and higher-income earners are more likely to respond to the app introduction. We then leverage a field experiment to show that using the app affects contribution behavior mainly through reducing the “hassle” costs of making contributions, rather than by providing information on the associated tax savings.

Suggested Citation

  • Claudio Daminato & Massimo Filippini & Fabio Haufler, 2024. "Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data," The Review of Financial Studies, Society for Financial Studies, vol. 37(8), pages 2510-2549.
    • Handle: RePEc:oup:rfinst:v:37:y:2024:i:8:p:2510-2549.
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    File URL: http://hdl.handle.net/10.1093/rfs/hhae015
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    More about this item

    Keywords

    C93; D14; D83; G51;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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