In randomized field experiments, we embedded one- to two-sentence anchoring, goal-setting, or savings threshold cues in … emails to employees about their 401(k) savings plan. We find that anchors increase or decrease 401(k) contribution rates by … up to 1.4% of income. A high savings goal example raises contribution rates by up to 2.2% of income. Highlighting a …

on savings. Low-saving employees received simplified plan enrollment or contribution increase forms. A randomized subset …>decreased</i> the savings of non-participants who were ineligible for 401(k) automatic enrollment, and higher observed peer savings … rates also decreased savings. Discouragement from upward social comparisons seems to drive this reaction. …

In randomized field experiments, we embedded one- to two-sentence anchoring, goal-setting, or savings threshold cues in … emails to employees about their 401(k) savings plan. We find that anchors increase or decrease 401(k) contribution rates by … up to 1.9% of income. A high savings goal example raises contribution rates by up to 2.2% of income. Highlighting a …

We document the loan provisions in 401(k) savings plans and how participants use 401(k) loans. Although only about 22 …% of savings plan participants who are allowed to borrow from their 401(k) have such a loan at any given point in time …

Existing research has documented the large impact that automatic enrollment has on savings plan participation. All the …