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Key Findings Details

Evaluating Web-based Savings Interventions: A Preliminary Assessment
by Wei-Yin Hu, Olivia S. Mitchell, Cynthia Pagliaro and Stephen P. Utkus
WP 2013-299

We explore the efficacy of a technological approach to promote voluntary saving in 401(k) accounts, namely a Boost Your Saving dial that appeared on the participants’ webpages.

  • Contribution rates rose for those seeing the Boost Your Saving dial compared to the control period.
  • The fraction of participants increasing plan contributions rose by 17%, compared to the control period.
  • Some 9% used the Boost Your Saving dial, increasing their contribution rates by an average of 2 percentage points.
  • There was no change in the fraction of participants decreasing their contributions.