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Category: Project

Description: Saving for retirement is important so that people have enough money to live comfortably once they stop working. Yet, fewer than half of eligible DC government employees save money through their retirement benefit plan. Through a randomized evaluation, we tested whether sending an email⁠—designed with insights from behavioral science⁠—can increase how much employees save for retirement. While there were no new retirement plan enrollments in response to the email, employees who were already enrolled were 31% more likely to increase how much they saved if they received our email. If we had sent our email to all enrolled employees, 122 more would have increased their retirement savings.