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Personalized reminders: Evidence from a field experiment with voluntary retirement savings in Colombia

Author

Listed:
  • Gars, Jared
  • Prada, Laura
  • Tripodi, Egon
  • Borda, Santiago

Abstract

A large share of the global workforce lacks access to employer-sponsored retirement 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 2819 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.

Suggested Citation

  • Gars, Jared & Prada, Laura & Tripodi, Egon & Borda, Santiago, 2025. "Personalized reminders: Evidence from a field experiment with voluntary retirement savings in Colombia," Journal of Behavioral and Experimental Finance, Elsevier, vol. 48(C).
    • Handle: RePEc:eee:beexfi:v:48:y:2025:i:c:s2214635025000930
    DOI: 10.1016/j.jbef.2025.101112
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    2. Joubert, Clement & Scot, Thiago & Maríñez, Isaac Rafael & Regalado, Pietter José & Flores, Tatiana & Rodriguez, Nicolas Garces, 2025. "Who Participates in Defined Contribution Pension Systems When Informality is High? Evidence from 20 Years of Administrative Records from the Dominican Republic," Social Protection Discussion Papers and Notes 202770, The World Bank.

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    Keywords

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    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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