Investigating the Introduction of Fintech Advancement Aimed to Reduce Limited Attention Regarding Inactive Savings Accounts: Data, Survey, and Field Experiment
AbstractWe use proprietary data, survey data, and a field experiment to study the effect of campaigns to raise awareness about lost and forgotten retirement savings accounts. The campaigns were a centralized database to help individuals find inactive accounts and a tax exemption to encourage individuals to close small inactive accounts and avoid new fees that would exhaust the savings. We show that after the campaigns, inactive retirement accounts still received limited attention. This was more pronounced for individuals with low socioeconomic status and low financial literacy. A controlled field experiment suggests that interventions using more personal interactions can increase attention.
CitationHaran Rosen, Maya, and Orly Sade. 2022. "Investigating the Introduction of Fintech Advancement Aimed to Reduce Limited Attention Regarding Inactive Savings Accounts: Data, Survey, and Field Experiment." AEA Papers and Proceedings, 112: 370-75. DOI: 10.1257/pandp.20221123
- C93 Field Experiments
- G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- G51 Household Finance: Household Saving, Borrowing, Debt, and Wealth
- G53 Household Finance: Financial Literacy