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  • Organizational Behavior and Human Decision Processes

Using Fresh Starts to Nudge Increased Retirement Savings

By: John Beshears, Hengchen Dai, Katherine L. Milkman and Shlomo Benartzi
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Abstract

We conducted a field experiment to study the effect of framing future moments in time as new beginnings (or “fresh starts”). University employees (N=6,082) received mailings with an opportunity to choose between increasing their contributions to a savings plan immediately or at a specified future time point. Framing the future time point in relation to a fresh start date (e.g., the recipient’s birthday, the first day of spring) increased the likelihood that the mailing recipient chose to increase contributions at that future time point without decreasing their likelihood of increasing contributions immediately. Overall, fresh start framing increased retirement plan contributions in the eight months following the mailing. Our findings represent the first experimental demonstration of the benefits of fresh start framing in a consequential field setting.

Keywords

Choice Architecture; Randomized Field Experiment; Savings; New Beginning; Fresh Start

Citation

Beshears, John, Hengchen Dai, Katherine L. Milkman, and Shlomo Benartzi. "Using Fresh Starts to Nudge Increased Retirement Savings." Organizational Behavior and Human Decision Processes 167 (November 2021): 72–87.

About The Author

John Beshears

Negotiation, Organizations & Markets
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