| Abstract: |
A large share of the global workforce lacks access to employer-sponsored
retire- ment plans. In Colombia, where labor informality is high, the
government introduced the Beneficios Económicos Periódicos (BEPS) program to
promote voluntary retirement savings. However, many enrollees fail to
contribute regularly. We conduct a randomized controlled trial with 2, 819
BEPS users, assigning them to different planning and monthly reminder
treatments, where reminders are tailored in their timing. We find that
personalized reminders significantly increase both the frequency and amount of
savings, with individuals who recognize their forgetfulness more likely to
demand reminders. Our findings highlight the role of reminders tailored to
individuals’ preferred timing in sustaining engagement in voluntary savings
programs. |