IDEAS home Printed from https://ideas.repec.org/p/bdp/dpaper/0073.html
   My bibliography  Save this paper

Personalized Reminders: Evidence from a Field Experiment with Voluntary Retirement Savings in Colombia

Author

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

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 Economicos Periodicos (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.

Suggested Citation

  • Jared Gars & Laura Prada & Egon Tripodi & Santiago Borda, 2025. "Personalized Reminders: Evidence from a Field Experiment with Voluntary Retirement Savings in Colombia," Berlin School of Economics Discussion Papers 0073, Berlin School of Economics.
    • Handle: RePEc:bdp:dpaper:0073
    DOI: 10.48462/opus4-5925
    as

    Download full text from publisher

    File URL: https://opus4.kobv.de/opus4-hsog/files/5925/BSoE_DP_0073.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.48462/opus4-5925?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdp:dpaper:0073. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christian Reiter (email available below). General contact details of provider: https://edirc.repec.org/data/bdpemde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.