Gopi Shah Goda|Matthew Levy|Colleen Flaherty Manchester|Aaron Sojourner|Joshua Tasoff
Who is a passive saver under opt-in and auto-enrollment?
Stanford University|London School of Economics and Political Science|University of Minnesota|University of Minnesota|Claremont Graduate University
defaults shown powerful effect retirement saving behavior yet limited research affected defaults whether varies based features choice environment using administrative data employersponsored retirement accounts linked survey data estimate relationship retirement saving choices individual characteristics longterm discounting present bias financial literacy exponentialgrowth bias two distinct choice environments optin regime autoenrollment regime consistent conceptual model find determinants following default contribution behavior regimespecific optin regime financial literacy plays important role predicting total contributions active saving choices maxing contributions taxpreferred account contrast autoenrollment regime present bias significant behavioral predictor contribution behavior causal interpretation estimates suggests autoenrollment increases saving primarily among low financial literacy