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Personalized Reminders: Evidence from a Field Experiment with Voluntary Retirement Savings in Colombia

Author

Listed:
  • Jared Gars

    (University of Florida)

  • Laura Prada

    (University of Southern California)

  • Santiago Borda

    (Istintivo)

  • Egon Tripodi

    (Hertie School)

Abstract

A large share of the global workforce lacks access to employer-sponsored retire- ment plans. In Colombia, where labor informality is high, the government introduced the Beneficios Económicos Periódicos (BEPS) program to promote voluntary retirement savings. However, many enrollees fail to contribute regularly. We conduct a randomized controlled trial with 2,819 BEPS users, assigning them to different planning and monthly reminder treatments, where reminders are tailored in their timing. We find that personalized reminders significantly increase both the frequency and amount of savings, with individuals who recognize their forgetfulness more likely to demand reminders. Our findings highlight the role of reminders tailored to individuals’ preferred timing in sustaining engagement in voluntary savings programs.

Suggested Citation

  • Jared Gars & Laura Prada & Santiago Borda & Egon Tripodi, 2025. "Personalized Reminders: Evidence from a Field Experiment with Voluntary Retirement Savings in Colombia," Rationality and Competition Discussion Paper Series 528, CRC TRR 190 Rationality and Competition.
    • Handle: RePEc:rco:dpaper:528
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    More about this item

    Keywords

    retirement savings; personalized reminders; limited attention; financial inclusion;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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