Session 5 - Thomas Post - Maastricht University - The Netherlands.pdf

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1、Promoting participation in voluntary pension schemes how(much)nudging can helpThomas PostMaastricht University,Department of Finance;NetsparThe choice menu Make saving mandatory Financial education Give financial incentives Nudge-Auto-enrolment-Set defaults for contribution rates-Send persuasive mes

2、sages-The choice menu for voluntary schemes Make saving mandatory Financial education Give financial incentives Nudge-Auto-enrolment-Set defaults for contribution rates-Send persuasive messages-Financial educationFernandes,D.,Lynch,J.G.,Jr.,&Netemeyer,R.G.(2014).Financial literacy,financial educatio

3、n,and downstream financial behaviors.Management Science,60(8),18611883.Our reminder nudging field experiment Nationwide field experiment in Estonia N=127,974 Goal-Nudge to save more in an individual accounts funded pension scheme with tax benefits(similar to 401(k)9 different email reminders+no remi

4、nder control Established and new interventionsReinson,Post,Reeck,Mazar,Syropoulos,Shah,Saulitis,Uusberg(2025).Reminders to the rescue:E-mail reminders of tax benefits increase pension savings in a nationwide RCT in Estonia Why Estonia?Institutional background Estonian pension system at the time of t

5、he intervention-Pillar 1 state pension-Pay-as-you-go-Contributions and benefits depend on salary-Pillar 2“mandatory”funded pension-2%of gross salary tax free-+4%from state-Option to opt out-Pillar 3 voluntary funded pension-up to 15%of gross income tax-free-max 6,000(tax-free)-Tax rate=20%(flat tax)

6、Institutional background1 Jan 202327 Dec 2023Deadline for tax-free contributions21 Dec 2023InterventionExperiment set up Control no message Treatments-Control neutral message-8 more Sent to all pillar 3 account holders N=127,974-Working age account holders born from 1970 to 2001-population Estonia:1