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Save more tomorrow, today: experimental evidence on the role of precommitment, urgency, and personalization

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  • Charlton Eli
  • William Skimmyhorn

Abstract

We study the causal effects of precommitment framing, motivational deadlines, and semi-personalized information on military servicemembers’ retirement savings using a randomized field experiment. Low-cost emails highlighting a motivational deadline or semi-personalized salary information increased participation by about 1 percentage point (control mean is 1.25 percent) and contribution rates by about 0.05 percentage points (control mean is 3.92 percent) among previous non-participants. These programs demonstrate a cost-effective and scalable tool by which managers can increase employees’ retirement savings.

Suggested Citation

  • Charlton Eli & William Skimmyhorn, 2025. "Save more tomorrow, today: experimental evidence on the role of precommitment, urgency, and personalization," Review of Finance, European Finance Association, vol. 29(5), pages 1587-1618.
    • Handle: RePEc:oup:revfin:v:29:y:2025:i:5:p:1587-1618.
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    File URL: http://hdl.handle.net/10.1093/rof/rfaf027
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    Keywords

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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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