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A Social Norm Nudge to Save More: A Field Experiment at a Retail Bank

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  • Robert Dur
  • Dimitry Fleming
  • Marten van Garderen
  • Max van Lent

Abstract

A large fraction of households have very little savings buffer and are therefore vulnerable to financial shocks. This paper examines whether a social norm nudge can induce such households to save more. We ran a large-scale field experiment at a retail bank in the Netherlands. We find that households who are exposed to the social norm nudge click more often on a link to a personal web page where they can start or adjust an automatic savings plan. However, analyzing detailed bank data, we find no treatment effect on actual savings, neither in the short run nor in the long run. Our null findings are quite precisely estimated. A complementary small-scale survey experiment suggests that people did notice the social norm nudge and also that it had an impact on savings intentions.

Suggested Citation

  • Robert Dur & Dimitry Fleming & Marten van Garderen & Max van Lent, 2021. "A Social Norm Nudge to Save More: A Field Experiment at a Retail Bank," CESifo Working Paper Series 8894, CESifo.
    • Handle: RePEc:ces:ceswps:_8894
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    Cited by:

    1. Silvia Castro & Clarissa Mang, 2023. "Breaking the Silence: Group Discussions, and the Adoption of Welfare-Improving Technologies," Rationality and Competition Discussion Paper Series 474, CRC TRR 190 Rationality and Competition.
    2. Houman Hashemzadeh & Alireza Karbasi & Hosein Mohammadi & Ali Firoozzare & Flavio Boccia, 2022. "Investigating the Effect of Nudges on Consumers’ Willingness to Pay for Genetically Modified Corn Oil," Sustainability, MDPI, vol. 14(19), pages 1-18, October.
    3. Córdova, Angélica & Imas, Alex & Schwartz, Daniel, 2021. "Are non-contingent incentives more effective in motivating new behavior? Evidence from the field," Games and Economic Behavior, Elsevier, vol. 130(C), pages 602-615.
    4. Mang, Clarissa & Castro, Silvia, 2023. "Breaking the Silence," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277639, Verein für Socialpolitik / German Economic Association.
    5. James Alm & Lilith Burgstaller & Arrita Domi & Amanda März & Matthias Kasper, 2023. "Nudges, Boosts, and Sludge: Using New Behavioral Approaches to Improve Tax Compliance," Economies, MDPI, vol. 11(9), pages 1-22, September.
    6. Gerlinde Fellner-Röhling & Sabine Kröger & Erika Seki, 2021. "Information Regime Changes and Path Dependence - An Experimental Analysis of Public Goods Contributions in Heterogeneous Groups," CIRANO Working Papers 2021s-13, CIRANO.
    7. Andrieş, Alin Marius & Walker, Sarah, 2023. "When the message hurts: The unintended impacts of nudges on saving," Journal of Comparative Economics, Elsevier, vol. 51(2), pages 439-456.
    8. Linek, Maximilian & Traxler, Christian, 2021. "Framing and social information nudges at Wikipedia," Journal of Economic Behavior & Organization, Elsevier, vol. 188(C), pages 1269-1279.
    9. Goldin, Jacob & Homonoff, Tatiana & Patterson, Richard & Skimmyhorn, William, 2020. "How much to save? Decision costs and retirement plan participation," Journal of Public Economics, Elsevier, vol. 191(C).
    10. Kausel, Edgar E. & Reyes, Tomas & Larach, Francisco & Chacon, Alvaro & Enei, Gonzalo, 2024. "Does enhancing the vividness in connection with the future self increase savings behavior? A field experiment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 110(C).
    11. Antonia Grohmann & Melanie Koch, 2022. "The Effect of Social Comparison on Debt Taking: Experimental Evidence," Discussion Papers of DIW Berlin 1996, DIW Berlin, German Institute for Economic Research.
    12. Diane Pelly & Orla Doyle, 2022. "Nudging in the workplace: increasing participation in employee EDI wellness events," Working Papers 202208, Geary Institute, University College Dublin.
    13. Minou Ghaffari & Maxime Kaniewicz & Stephan Stricker, 2021. "Personalized Communication Strategies: Towards A New Debtor Typology Framework," Papers 2106.01952, arXiv.org.
    14. Banerjee, Sanchayan & Picard, Julien, 2023. "Thinking through norms can make them more effective. Experimental evidence on reflective climate policies in the UK," LSE Research Online Documents on Economics 120057, London School of Economics and Political Science, LSE Library.
    15. Giorgia Barboni & Juan Camilo Cárdenas & Nicolás de Roux, 2022. "Behavioral Messages and Debt Repayment," Documentos CEDE 20257, Universidad de los Andes, Facultad de Economía, CEDE.
    16. Timmons, Shane & Robertson, Deirdre & Lunn, Pete, 2022. "Combining nudges and boosts to increase precautionary saving: A large-scale field experiment," Papers WP722, Economic and Social Research Institute (ESRI).
    17. Banerjee, Sanchayan & Picard, Julien, 2023. "Thinking through norms can make them more effective. Experimental evidence on reflective climate policies in the UK," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 106(C).

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    More about this item

    Keywords

    household savings; field experiment; nudges; social norms;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G40 - Financial Economics - - Behavioral Finance - - - General

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