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Field
Last Published
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Before
February 27, 2023 09:35 AM
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After
May 24, 2023 06:37 PM
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Field
Intervention (Public)
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Before
This project’s primary goal is to design and pilot a digital outreach program/intervention intended to improve retirement knowledge and preparedness among low to moderate income (LMI) Black and Hispanic workers. The precise details of the intervention and experimental design will depend on findings from a screening survey and an extensive literature review (e.g., Viceisza et al., NBER Working Paper 30456, 2022). Those details will be filed as an update to this initial submission.
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After
This project’s primary goal is to design and pilot a digital outreach program/intervention intended to improve retirement knowledge and preparedness among low to moderate income (LMI) Black and Hispanic workers. The precise details of the intervention and experimental design will depend on findings from a screening survey and an extensive literature review (e.g., Viceisza et al., NBER Working Paper 30456, 2022). Those details will be filed as an update to this initial submission.
*** ADDED May 24, 2023 ***
The screening survey closed in mid-April, leading to three main findings.
First, per question 2 in the survey N=796 individuals do not have an employer-sponsored retirement account themselves, that is, they selected categories 2, 3, or 4. This is the sample that will be exposed to our intervention. It is distributed as follows: 384 White, 110 Black, and 302 Hispanic people.
Second, per question 3 in the survey a significant proportion of individuals (~72 percent) selected categories 1, 2, 3, or 4. This is the sample that we consider at risk of not saving for retirement. We return to how this impacts the experimental design in the relevant section further below.
Third, per question 4 in the survey most individuals identified two primary barriers to saving for retirement: (A) not having enough money to put in a retirement account (category 2) and (B) not knowing enough about retirement savings account (category 3). Recall that the categories were presented in random order. This result underscored our priors, and thus previously proposed treatments, as discussed in the experimental design section further below.
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Field
Intervention End Date
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Before
June 30, 2023
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After
July 31, 2023
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Field
Primary Outcomes (End Points)
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Before
The primary outcomes as of now are likely to be (1) retirement knowledge as measured by the Retirement Knowledge Scale/RKS (Blanco et al. 2020) and (2) willingness to open/invest in a retirement account. However, this could change based on a findings from the screening survey.
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After
The primary outcomes as of now are likely to be (1) retirement knowledge as measured by the Retirement Knowledge Scale/RKS (Blanco et al. 2020) and (2) willingness to open/invest in a retirement account. However, this could change based on a findings from the screening survey.
*** ADDED May 24, 2023 ***
The baseline survey that is being included with this update comprises the following outcomes:
1. Retirement account ownership, whether employer-sponsored or not (self-reported)
2. Current retirement contributions and frequency (self-reported)
3. Future retirement contributions/plans based on hypothetical and real (experiment windfall/lottery) income changes
4. Hypothetical allocation of windfall spending
5. Retirement knowledge as measured by RKS
6. Financial literacy
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Randomization Unit
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Before
Individual.
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After
Individual. *** ADDED May 24, 2023 *** Also see “sample size by treatment arms” further below.
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Planned Number of Observations
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Before
300-900 individuals.
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After
300-900 individuals.
*** ADDED May 24, 2023 ***
Based on a response rate of 80 percent, we are expecting a sample size of N=634 individuals across all three conditions.
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Field
Sample size (or number of clusters) by treatment arms
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Before
100-300 individuals in control, 100-300 individuals in the first treatment, 100-300 individuals in the second treatment.
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After
100-300 individuals in control, 100-300 individuals in the first treatment, 100-300 individuals in the second treatment.
*** ADDED May 24, 2023 ***
Based on the screening survey question 3:
Participants who answered categories 1 (one) through 4 (four) have an equal chance of being randomized to Groups A, B, or C.
Participants who answered category 5 (Yes, I have been for six months or more) have an equal chance of being randomized to Groups A or B. In other words, this subset of participants will not be randomized to the monetary group.
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Field
Power calculation: Minimum Detectable Effect Size for Main Outcomes
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Before
This will be conducted once we settle on the final set of main outcomes based on the screening survey.
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After
This will be conducted once we settle on the final set of main outcomes based on the screening survey.
*** ADDED May 24, 2023 ***
Due to the limited number of racial and ethnic minorities in the UAS, the sample size is based on recruitment/participation constraints. Ex-post power calculations (e.g., a la Maniadis et al. 2014) will be conducted as necessary.
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Intervention (Hidden)
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Before
The screening survey is included under Docs and Materials.
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After
The screening survey is included under Docs and Materials.
*** ADDED May 24, 2023 ***
The baseline survey and experiment protocol are included under Docs and Materials.
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Field
Secondary Outcomes (End Points)
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Before
The secondary outcomes as of now are likely to be self-reported (1) retirement account ownership, (2) balances in such accounts, and (3) familiarity with and usefulness of information provided about retirement preparedness. The outcomes could also change based on findings from the screening survey.
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After
The secondary outcomes as of now are likely to be self-reported (1) retirement account ownership, (2) balances in such accounts, and (3) familiarity with and usefulness of information provided about retirement preparedness. The outcomes could also change based on findings from the screening survey.
*** ADDED May 24, 2023 ***
These secondary outcomes are included in the previous list (see primary outcomes). We might add some questions on usefulness of information provided in the intervention as part of subsequent surveys. The primary deciding factor will be length of such surveys.
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