Using Behavioral Insights to Increase Retirement Savings (Report)
Trial Design and Findings
U.S. Department of Labor
- Low-cost, behaviorally informed emails increased the number of U.S. Department of Labor (DOL) employees saving at least 5 percent of their salary by 7.5 percentage points.
- Emails raised the overall contribution rate by up to 0.4 percentage points or approximately $11,500 over an employee’s lifetime.
- Emails were not effective in causing non-contributors to start contributing a percentage of their salary to the Thrift Savings Plan.
This report provides findings from Mathematica's behavioral insights study conducted for the U.S. Department of Labor's Employee Benefits Security Administration.