We explore the efficacy of a technological approach to promote voluntary saving in 401(k) accounts, namely a Boost Your Saving dial that appeared on the participants’ webpages.
- Contribution rates rose for those seeing the Boost Your Saving dial compared to the control period.
- The fraction of participants increasing plan contributions rose by 17%, compared to the control period.
- Some 9% used the Boost Your Saving dial, increasing their contribution rates by an average of 2 percentage points.
- There was no change in the fraction of participants decreasing their contributions.