Personalized Information as a Tool to Improve Pension Savings: Results from a Randomized Control Trial in Chile

By Olga Fuentes; Jeanne Lafortune; Julio Riutort; José Tessada Félix Villatoro We randomly offer to workers in Chile personalized versus generalized information about their pension savings and forecasted pension income. Personalized information increased the probability and amounts of voluntary contributions after one year without crowding-out other forms of savings. Personalization appears to be very important: individuals who overestimated their pension at the time of the intervention saved more. Thus, a person’s inability to understand how the pension system affects them...