The Impact of Nudging on Retirement Savings : A Comprehensive Review and Non-Parametric Tests
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The rapid growth in aged population and life expectancy exacerbated by the substantial decline in birth rate have created a new type of crisis: retirement crisis. People and governments are not familiar with this new problem and more seriously, they are not well prepared for it. The retirement saving rate is far from an optimal level and the majority of people passively rely on hopeful growth in production population, development in technology, and aggressive spending in welfare policy. We need a more active and effective cure to circumvent the rising crisis. Nudging is a great candidate with excellent history of success for such task. The present paper aims at comprehensively reviewing prior studies on the impact of various nudges on the rates of retirement participation and contribution and providing an analytical summary of non-parametric tests in which nudging activities at the corporate and governmental levels can significantly alter the retirement savings behavior and eventually the quality of post-retirement life. Specifically, a variety of nudging skills such as automatic enrollment and informative email improve the employee participation and additional savings in retirement plans at the corporate and public levels. Nudging might be a key to turn the new crisis into a new opportunity.
Abstract
The rapid growth in aged population and life expectancy exacerbated by the substantial decline in birth rate have created a new type of crisis: retirement crisis. People and governments are not familiar with this new problem and more seriously, they are not well prepared for it. The retirement saving rate is far from an optimal level and the majority of people passively rely on hopeful growth in production population, development in technology, and aggressive spending in welfare policy. We need a more active and effective cure to circumvent the rising crisis. Nudging is a great candidate with excellent history of success for such task. The present paper aims at comprehensively reviewing prior studies on the impact of various nudges on the rates of retirement participation and contribution and providing an analytical summary of non-parametric tests in which nudging activities at the corporate and governmental levels can significantly alter the retirement savings behavior and eventually the quality of post-retirement life. Specifically, a variety of nudging skills such as automatic enrollment and informative email improve the employee participation and additional savings in retirement plans at the corporate and public levels. Nudging might be a key to turn the new crisis into a new opportunity.
참고문헌 (38)
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