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American Economic Journal: Economic Policy: Vol. 3 No. 4 (November 2011)
AEJ: Policy Volume. 3, Issue 4 | 
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How Do 401(k)s Affect Saving? Evidence from Changes in 401(k) Eligibility
Article Citation
Gelber, Alexander M. 2011. "How Do 401(k)s Affect Saving? Evidence from Changes in 401(k) Eligibility."
American Economic Journal: Economic Policy,
3(4): 103-22.
DOI: 10.1257/pol.3.4.103
DOI: 10.1257/pol.3.4.103
Abstract
This paper investigates the effect of 401(k) eligibility on saving. To address the possibility that eligibility correlates across individuals with their unobserved tastes for saving, I examine a change in eligibility: some individuals are initially ineligible for their 401(k) but become eligible when they have worked at their firm long enough. I find that eligibility raises 401(k) balances. Other financial assets and net worth respond insignificantly to eligibility, but the confidence intervals do not rule out substantial responses. In response to eligibility, IRA assets increase, consistent with a "crowd-in" hypothesis, and accumulation of cars decreases.(JEL D14, E21, J26)
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Authors
Gelber, Alexander M. (U PA)
JEL Classifications
D14: Personal Finance
E21: Macroeconomics: Consumption; Saving; Wealth
J26: Retirement; Retirement Policies
E21: Macroeconomics: Consumption; Saving; Wealth
J26: Retirement; Retirement Policies
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