• Elizabeth J. Perry


2021, Paper: "Numerous interventions have examined ways to encourage people to save more for retirement. While many have focused on the power of defaults and inertia, a substantial number have aimed to inspire participant action. Many of these efforts have successfully increased saving among those who were already participating. However, those contributing nothing toward retirement have historically been less responsive to educational nudges in the literature. We sought to determine: Which approaches increase retirement saving among non-contributors? In a randomized intervention among 32,135 federal employees who were not saving, we tested several strategies from the behavioral literature, including personalization and reciprocity. We also explored social norms, which have made a difference in everything from voter turnout and energy conservation to respecting nature in national parks. However, they are historically less reliable in financial contexts."

Non-HKS Author Website - Elizabeth Perry