Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/316852 
Year of Publication: 
2025
Series/Report no.: 
CESifo Working Paper No. 11738
Publisher: 
CESifo GmbH, Munich
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.
Subjects: 
retirement savings
personalized reminders
limited attention
financial inclusion
JEL: 
D91
G41
O16
Document Type: 
Working Paper
Appears in Collections:

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.